Good and service tax is ready to be implemented from July 1. In such a scenario, in the next 40 days, the traders should take up many such things that need to be done before the GST is implemented. So that the traders did not face any problem later. Let’s know which 5 things you should prepare before July.
These losses will be
If you have not yet been registered in 1 GST, then you have the opportunity. Online window of registration is opening from June 1. On which you will be able to register till June 15. If not do so by that time, traders and traders will not be able to get outstanding tax credits and input credits in the VAT regime.
- If you do not make a registration in GST, then you will not get VAT refund for the loaners and traders.
- You will have to register on GST before filing a return. Without tax registration tax returns will not be able to fine.
- Get accounting and upgrade the system with the new tax rate. The government will also bring apps and software for this, which the businessmen can download.
- will not be able to take advantage of the composite scheme.
What is composite scheme
Businessmen with an annual turnover of more than Rs.20 lakhs and up to Rs.50 lakhs can take advantage of composite schemes coming in GST. Under the composite scheme, the tax rate is low. Under this scheme, the traders will have to pay only 2 per cent tax.
These traders can pick up the advantage
The advantage of this scheme can be picked up by Retailer, Holcellar, Restaurant Businessman, MSME, Manufacturing. If the turnover of these traders is more than Rs 20 lakh and up to Rs 50 lakh. In GST, you have to pay tax at an annual rate of 2%.
To be registered here
Traders and traders have to fill in their User Name (Provisional ID) and Password. Provincial ID and password will be available to you from State VAT, Central Excise, Service Tax Authority.
Existing taxpayers can enroll them by the provisional GSTN (Goods and Service Tax
- Identification) number. The GSTN number is also called a provisional ID.
- You have to feed your mobile number, email ID.
- OTP will come to your phone number and you have to feed it.
- You have to upload your information and scanned photos.
- PAN card, bank account and ISSc code information will be feeds.
- Feed all these information and submit it.
- After submitting your registration email ID and registration number will be available on the
- mobile number.
- Must be done on ACES
- After enrolling on GST’s website, you will be given a username and password.
Authentication of Central Excise and Service Tax (ACES) website also has to be registered. Here you can file your tax return.
If you do not want to migrate to GST, then confirm on ACES portal and file returns. By doing so, your ID and password will be canceled. You will not be able to make credit migration