GST Network extends deadline till April 30 for firms to register
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There are about 65 lakh registered value-added tax (VAT) assessees, 26 lakh service tax assessees and another five lakh central excise assessees, who are expected to register under the unified GSTN, which provides IT infrastructure and services for implementation of GST.
It’s a private limited company with the central and state governments holding 49 per cent stake, while the remaining 51 per cent is with non-government financial institutions.
“The voluntary enrollment process started six months ago and 73 per cent of the businesses have registered. We will be extending time till April 30, for the others to enroll,” Prakash Kumar, CEO, Goods and Services Tax Network told Express.
He added that starting April, the central and respective state government tax departments will kick-start training campaigns to familiarise assesses on filing returns, which starts from August.
However, small and medium enterprises, the backbone of the country’s industrial activity, await clarity on key aspects such as input tax credit. According to GST laws, input credit against taxes paid by the purchaser can be availed only if the seller deposits the said tax with the government treasury. In the event of non-compliance, the purchaser will be denied input credit.
Meanwhile, small and medium businesses also want relaxation of audit considering the shortage of chartered accountants. #casansaar (New India Express)
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