Progressive growth is a sign of a developing Nation, a country like India has marked up its position in the world by growing its economy. This growth is observed more after the implementation of the new act for the taxation in 2017 named as GST (Goods and Services Tax) Act (Applicable from 1st July 2017). The components of GST are CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax). Here in this blog, we briefly discussed the impact of GST rate, Online GST registration procedures and penalty.
The GST (Goods and Services TAX) act has entered its third year of implementation in which 20 states are independently showing more than a 14 % increase in their revenues. The number of assessees covered by the GST was around 65 Lakhs. The assessee base in the last two years has increased by 84 % that leads to higher revenue collections.
The complete scenario has been changed after GST as on today now, there is only one tax prevailing all over the nation and removed all 17 different laws. The pre-GST rate of taxation as a standard rate for the (VAT) value-added tax was 14.5 %, excise at 12.5 % and added with the central sales tax and the cascading effect of tax on tax, the total tax payable by the consumer was 31 %. The present GST has listed various commodities and items in the category of 18 %, 12 % and even 5 %.
Chapter VI of the Goods and Services Tax Act 2017 says about the registration.
Section 25 of the GST Act tells about the registration can be made within 30 days in any state or union territory for which the person is liable for the GST registration whereas the non-resident taxable person and a casual taxable person can apply for GST registration five days before the commencement of the business. Other important points under this section are
After the GST registration process, the (UNI) Unique Identify number shall be granted to the person/applicant and also a certificate of registration can be issued afterwards from such dates as prescribed by the act. If the applicant/person fails to communicate the authority in a prescribed period of time, then UNI (Unique Identify Number) can be cancelled by the authority.
Section 26 states that the (UNI) Unique Identify number or grant of registration under SGST (State Goods and Service Tax Act) or under (Union Territory Goods and Services Tax Act) would be considered as the grant of the GST registration under this GST act 2017.
Section 27 states that grant of certificate of registration to casual taxable or non-resident taxable person would be valid up to 90 days from date of issuance of the certificate of registration. The person has registration can submit the advance deposit of tax equals to the amount of the estimated tax. The amount will be credited to electronic cash ledger in favour of such a person.
Section 28 states that if any changes are required to be made by the person/ applicant in the registration after the issuance of the Unique Identity Number can inform the proper officer in authority for the rectifications in the GST registration. The officer then further can approve or reject the amendments as he deems fit, but this can be only done after the person/applicant is being heard.
Section 29 states that cancellation of the GST registration by the proper officer in case of death of the person where the business is discontinued either because of death of the owner or have obtained any another legal entity or business dispose of.
Section 30 states that the revocation of the cancellation of the GST registration can be made within 30 days from the date of cancellation orders have been passed. The proper officer can either revoke or reject the application after hearing the person who wants revocation.
Section 22 and Section 24 of the GST Act 2017 tells about the people who fall under the category for the GST registration, and Section 23 of the GST act tells the people not fall under GST registration process are as follows:
Section 23 (People not liable for the GST registration)
Chapter XIV of the Goods and Services Tax Act 2017 says about the search, inspection, seizure and arrest after GST registration.
Section 67 states that if any person evaded tax liability, escape payment of the tax, or claimed the input tax credit in excess or has kept in accounts in such a manner that reflects the evasion of tax under this act shall liable for the penalty.
Section 69 states that if any person has committed any offence mentioned in Section 132 of the act are liable for the arrest by the central tax officer in charge.
The GST registration is mandatory after the enforcement of the act of 2017. If the person wants to carry its business needs the compulsory registration. The procedures, importance and penalty are mentions above. The Corpbiz has the team of lawyers who deals in the procedure of the GST registration as well as also deals if the person has any problems or penalty imposed in case of the GST . The teams have trained experts and respectively are ready to help and solve the issue regarding GST registration process and queries.
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