Small and low-risk businesses will get GST registration within 3 working days as the GST department rolls out a simplified GST registration scheme for small and medium businesses from Saturday.
Small and low-risk businesses applicants whom the Goods and Services Tax (GST) system identifies based on data analysis, or those applicants who self-assess that their output tax liability will not exceed Rs 2.5 lakh per month (inclusive of CGST, SGST/UTGST and IGST) will be able to opt for the scheme.
The GST Council, comprising Centre and state finance ministers had in its September 3 meeting approved the simplified registration scheme.
The scheme will provide for voluntary opting into and withdrawal from the scheme.
Benefit to 96% applicants
Speaking at the CGST building inauguration at Ghaziabad, Finance Minister Nirmala Sitharaman had said that the simplified GST registration scheme from November 1 is expected to benefit 96 per cent of new applicants.
“Task of the field formation is to operationalise it and ensure that there are no friction in the process,” Sitharaman had said.
The minister had also asked CBIC to set up a dedicated help desk at GST Seva Kendras for GST registration to facilitate taxpayers in the application process.
Over 1.54 crore businesses are currently registered under GST.