GST finally would be implemented from 1st July 2017. This is a big & long awaited tax regime in India which will contribute all indirect taxes come under one roof. Therefore all professional and indirect tax team of every sector are working around the clock and making their best effort to the implementation of GST.
However, there are some technical points which will affect every sector. Technical points which will affect every sector are ERP, Invoice, previous ITC, Stock in hands, warehouse location etc. So the time has come to enlarge concern team to resolve the above points. Warehouse sector are consolidating their warehouse to centre point so that minimum tax compliance would be done. Some big sectors are raising their voice regarding the date of implementation of GST should be 1st of Oct' 2017 instead 1st of July'2017( In view of Half year closing and return prospect) as the time period for implementation of GST is very short even final meeting of GST Council will be held on 3rd June' 2017.
Now GST Enrolment/ Registration window at GST Portal (www.gst.gov.in) to re-open for remaining Taxpayers from 1 June 2017 (last date 15 June 2017);.
According to section 25 (2) which provide that a person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.
To operate under GST, manufacturers, service providers and traders will need a GST Identification Number (GSTIN) - which will be a 15 digit PAN based number.
- First Two digits represent states
- Second Ten digits represent concern assessee PAN.
- One digit represents entity in states
- One digit is z represent default
- One digit represents check
It may be noted that User enrolment at GST Portal should not be construed as completion of GST Registration in itself. This exercise is for updation and validation of data of existing taxpayers registered with various tax authorities for use at GST Network (GSTN) post implementation of GST. Subsequently, the exercise will be converted from GST Enrolment to GST Registration after receipt of certain information/ documents, as may be prescribed under the GST Laws.
Disclaimer: This article is for the purpose of information only and does not constitute any professional advice.