[vc_row][vc_column][vc_column_text]The Supreme Court has upheld the law making Aadhaar a must for filing income tax returns and its linkage to PAN card. Those who have a PAN but have not yet got Aadhaar can still file their income tax returns this year. The SC bench however has not expressed any opinion on the validity of Aadhaar. GST registration for businesses to reopen on June 25.
For those who have not been able to register on the GST Network within the deadline, te registration for existing excise, service tax and VAT payers will reopen on June 25.
GSTN has said that the tax department is “obligated” to provide them smooth transition into the GST regime but businesses should also come forward and complete the registration process by filling up the application form.Registration with the GSTN is necessary for doing business in the Goods and Services Tax (GST) regime as businesses will have to upload monthly sales data as well as file return forms on this portal.
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 GSTN portal and give details of its business, such as the main place of business, additional place of business, directors and bank account details.
Thereafter, the business has to verify its registration through digital signature, or by generating an electronic verification code (EVC).Businesses with turnover above Rs 20 lakh have to register with the GSTN. Those with turnover below the threshold too have to register if they want to claim input tax credit.
According to GSTN, not all assessees would migrate to the GSTN portal as businesses with turnover of up to Rs 5 lakh are currently exempt from VAT.
Since in GST up to Rs 20 lakh turnover is exempt, so all of the VAT assessees would not migrate to the GSTN. However, if they are supplying to other businesses or if they want to pass on credit, then registration of business would be required.[/vc_column_text][/vc_column][/vc_row]
