New Delhi: The GST department is going to launch a simplified GST registration scheme for small and medium businesses from Saturday. Under this scheme, small and low-risk businesses will get GST registration within 3 working days.
Those small and low-risk business applicants, who are identified by the Goods and Services Tax (GST) system on the basis of data analysis, or those applicants who self-assess that their output tax liability will not exceed Rs 2.5 lakh per month, will be able to adopt this scheme.
The GST Council, comprising finance ministers of the Centre and states, had approved this simplified registration scheme in its meeting on September 3.
The scheme will provide for voluntary opt-in and opt-out.
Speaking at the inauguration of the CGST building in Ghaziabad, Finance Minister Nirmala Sitharaman had said that 96 per cent of new applicants are expected to benefit from the simplified GST registration scheme, which will start from November 1.
Sitharaman had said, “The job of the field formation is to make it operational and ensure that there is no hitch in the process.”
The minister had also asked the CBIC to set up a dedicated help desk for GST registration at GST Seva Kendras so that taxpayers can get facilitation in the application process. Currently, over 1.54 crore businesses are registered under GST.