Over 1.2 million businesses have applied for fresh registration under the goods and services tax (GST) regime, Revenue Secretary Hasmukh Adhia
has said. Of these, 1 million applications for registration have been approved, 200,000 are still pending approval.
“The figure of new registrations approved in GST crosses 1 million today. About 200,000 applications pending in the process,” Adhia tweeted. Businesses have time until July 30 to register under the new tax regime.
Also, during the course of the year, if a business becomes liable to register under GST, it needs to apply for registration within 30 days from becoming liable for it. Although businesses with a turnover of up to Rs 20 lakh are exempt from the GST and hence registration is not mandatory, traders and manufacturers are getting themselves registered, so that the input tax credit can be passed on in the supply chain.
When a business registers under the GST, it is given a provisional GST identification number.
After, in the second stage, the business has to log in to the GST Network portal
and furnish details of its business including the main place of business, additional place, directors and bank account details.