Have you migrated to GST or Goods and Services Tax yet? As the deadline of August 20 approaches, businesses have few days left to file Form GSTR-3B.
As per dates notified by the government, details relating to outward supplies for the month of July will have to be filed in Form GSTR-1 between September 1 and September 5. However, in the interim period, businesses have to file Form GSTR-3B, which will be a summary of self-assessed tax liabilities with consolidated details of outward supplies and input tax credit (ITC).
But how to fill the Goods and Services Tax enrolment application and why is it important to do so?
Filing of enrolment application is necessary to avail various benefits under GST, the CBEC or Central Board of Excise and Customs has said.
The CBEC, under the purview of the revenue department, has come out with a step-by-step guide for filling the enrolment application through GST portal – gst.gov.in:
1 Visit the gst.gov.in website.
2 Login with your user ID and password created by you and complete the information related to your business details, promotor/partner, principal and additional place of business, authorised signatory, up to five major goods or services or both supplied and bank account details.
3 Complete and verify the information given in the verification tab and submit the application with Digital Signature Certificate (DSC) or Electronic Verification Code (EVC).
4 You will get an Application Reference Number (ARN) (also through email) on successful submission of the enrolment application.
Here are some other things to know:
The GST enrolment form is available on the GST portal or GST Common portal – gst.gov.in.
Existing payers of levies such as central excise, service tax, state sales tax or VAT, entry tax and luxury tax are required to take up GST enrolment.
“If you do not want to remain registered in GST, after login you may apply for cancellation of your registration by clicking on the cancellation request,” the CBEC noted in a newspaper advertisement.
All taxpayers registered under existing laws – the laws related to various erstwhile taxes that have been subsumed under GST from July 1, 2017 – are required to migrate to GST by filing the enrolment form.
“Those taxpayers who have not completed the enrolment procedure on the Common Portal, are required to complete it immediately, otherwise various benefits under the GST regime will not be available to them,” the CBEC added.
GST Network chairman Navin Kumar had earlier urged companies to not leave filing of their first returns under GST to the eleventh hour. Millions of companies are still not ready to file their first returns under the new Goods and Services Tax (GST) ahead of an August 20 deadline, the top official had told news agency Reuters. (Read: ‘It Will Not Crash,’ Vows Chief Of GST Network Despite Last-Minute Frenzy)
The GST Network or GSTN portal started the facility for filing of July returns using GSTR-3B from August 5.
The last date for filing the GSTR-3B for August 2017 is September 20.
Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal and over 15 lakh new assesses have registered on the platform.
The Central Board of Excise and Customs has also pointed out a few advantages of submitting the enrolment application:
You will be legally recognised as a taxpayer
You will get pre-GST eligible input tax credits for utilisation under GST
You will be able to avail input tax credit and pass on tax credit to registered buyers
You will be able to make payment of tax
You will be able to file Form GSTR-3B
It also mentioned disadvantages of non-submission:
You will not be able to file Form GSTR-3B and other returns
You will not be able to take and pass on input tax credit
You will not be able to make tax payment
You will not be eligible to take pre-GST transitional credits