GST Registration: The government has launched an easy GST registration scheme for small and low-risk businesses. Registration can now be obtained within three working days. Read the full story.
GST Registration New Rule: The government has launched a new scheme to provide relief to small and low-risk businesses. Now, businesses that pay no more than ₹2.5 lakh in taxes per month can obtain GST registration within three working days.
Who can benefit from this scheme?
This scheme is available only to businesses that have been deemed “low-risk” based on GST system data analysis. Additionally, businesses that self-identify that their tax liability will be less than ₹2.5 lakh per month can also participate.
GST Council Approved
The GST Council, comprising central and state finance ministers, approved this scheme on September 3rd. Businesses can opt out of this scheme at will and opt out later if they wish.
What Finance Minister Sitharaman Said
At the inauguration of the CGST Bhawan in Ghaziabad, Finance Minister Nirmala Sitharaman stated that the scheme, which began on November 1st, could benefit 96% of new applicants. She directed the CBIC to set up help desks at GST service centers to ensure that people face no difficulties with registration.
But the real challenge lies in implementation.
Tax experts and SME organizations say that the scheme is good, but the real test lies in its implementation. Several attempts have been made to simplify it in the past, but small businesses have faced difficulties due to system glitches, delays in data verification, and varying rules at the field level.
This government initiative is a relief for small businesses, but until the backend system is fully automated and accountability is established, the promise of registration within three days can only remain a hope.
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