Goods and Services Tax or GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It subsumes all the indirect taxes levied on goods and services by the central and state governments. GST is a game-changing reform for the Indian economy by creating a single market and reducing the cascading effect of taxes on the cost of goods and services.
The implementation of GST requires a migration process for businesses currently registered under Central Excise and Service Tax. All dealers who are registered under Central Excise and Service Tax need to migrate to GST. In this article, we will discuss the provisions and process of GST migration under these two regimes.
The following steps need to be followed by every registered Central Excise dealer:
Every dealer will be communicated their provisional ID and password by the concerned Central Excise or Service Tax authorities. The provisional ID and password will be sent to the registered mobile number and email ID of the dealer.
After receiving the provisional ID and password, the dealer needs to verify them. The verification process can be done online on the GST portal.
After verification of the provisional ID and password, the dealer needs to provide additional information like business details, bank account information, and other documents. These documents should be uploaded on the GST portal.
The dealer can apply for GST registration after furnishing all the necessary information and documents. The GST registration can be done online on the GST portal. The dealer needs to submit the application along with the required documents.
The following steps need to be followed by every registered Service Tax dealer:
Every dealer will be communicated their provisional ID and password by the concerned Central Excise or Service Tax authorities. The provisional ID and password will be sent to the registered mobile number and email ID of the dealer.
After receiving the provisional ID and password, the dealer needs to verify them. The verification process can be done online on the GST portal.
After verification of the provisional ID and password, the dealer needs to provide additional information like business details, bank account information, and other documents. These documents should be uploaded on the GST portal.
The dealer can apply for GST registration after furnishing all the necessary information and documents. The GST registration can be done online on the GST portal. The dealer needs to submit the application along with the required documents.
The GST migration process is compulsory for all dealers registered under Central Excise and Service Tax. The process requires dealers to obtain a provisional ID and password, verify them, provide additional information, and apply for GST registration. The GST migration process is a critical step for businesses to ensure a smooth transition to the new tax regime.
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