Revenue Secretary Hasmukh Adhia has said that over 12 lakh businesses have applied for fresh registration under the Goods and Services Tax regime. Of these, while 10 lakh applications for registration have been approved, 2 lakh are still pending approval.
The figure of new registrations approved in GST crosses 10 lakhs today. About 2 lakh applications are pending in process.Hasmukh Adhia, Revenue Secretary
Businesses have time till July 30 to register under the GST. 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 turnover of up to Rs 20 lakh are exempt from 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 GST, it is given a provisional GSTIN. After that, 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.
Also Read: Good, Bad And Ugly Of India's New National Sales Tax Journey
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