GST has biggest tax reform in the Indirect taxation history, hitting the several tax rates and compiling the all indirect taxes under one roof by centralising the governments motive “One Tax, One Nation”
Several issues arising in the industry regarding the same, One of them is :
GSTIN or in layman language GST Registration number. WHAT IS GSTIN????
The government has set up GSTN–a special purpose vehicle to provide the IT infrastructure necessary to support GST digitally. It is expected that 8 million taxpayers will be migrated from various platforms into GST. All of these businesses will be assigned a unique Goods and Services Tax Identification Number (GSTIN). But most are yet not aware of the new registration process and the identification number.
GST Identification Number (GSTIN)
Step Wise GST Migration from Provisional to GSTIN
Step 1. When a business registers under GST, it is given a provisional GSTIN.
Step 2. The business has to log in to the GSTN portal and give details of its business, like the main place of business, additional place of business, directors and bank account details.
Step 3. Verification of registration through digital signature, or by generating electronic verification code (EVC).
Step 4. An mail having Application Receipt Number will be received on registered E-mail
Words of Hon’ble HasmukhAdhia :
“Businesses need not panic and need not rush for registration as the dealers and traders who have secured a provisional ID can conduct business in the new indirect regime.
You can continue to do your business using the provisional ID and quote the GSTIN in all businesses. They will not have to wait for final GSTIN to come. Even if they have not given their details fully, from July 1 they can continue their business. People should not panic
They should not rush on the same day on June 25. We would appeal to all to keep their papers ready and do it in time"