Lunes, 17 Diciembre, 2018

GST: Firms told to register before deadline

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The clarification comes after doubts were raised regarding the applicability of the Margin Scheme under the GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular.

"This has been done to avoid double taxation on the outward supplies made by such registered person, since such person operating under the Margin Scheme can not avail input tax credit on the purchase of second hand goods", the Finance Ministry said here in a statement. And this value shall be the difference between the selling price and purchase price. "With the imposition of GST the price of these products will go up nearly three times", says M Agarwal, president of the Surat Textile Traders Association.

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All traders need to register before July 30. The government has also made it clear that businesses that have less than Rs 20 lakh turnover and those that deal exclusively in exempted goods and services will not be required to register for GST. "All traders are requested to register now without waiting for the last date", the government said in a statement.

To ensure that the chain of input tax credit is not broken, vendors to online marketplaces are registering for Goods and Services Tax (GST). It noted that as per the GST laws, it is mandatory for traders to register on or before July 30.

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