In order to ensure the smooth roll out of Goods and Services Tax (GST) from July 1, the Central Board of Excise and Customs (CBEC) has notified 18 sections of the Central Goods and Services Tax (CGST) Act which will be effective from June 22, 2017. The notified sections include - compulsory registration in certain cases, persons liable for registration, persons not liable for registration along with procedure for registration. The CBEC also notified two CGST Rule that are on registration and composition levy.
The apex policy making body for indirect taxes also issued notification that ‘www.gst.gov.in’ will be the common GST electronic portal for facilitating registration, payment of tax, furnishing of returns, computation & settlement of integrated tax and electronic way bill. Besides, the CBEC notified modes of verification of any document to be furnished under Rule 26 of the CGST.
Every business carrying out a taxable supply of goods or services with turnover exceeding the threshold limit of Rs 20 lakh will be required to register. Input service distributor, e-commerce operator and person supplying online information and data base access or retrieval service are also required to register, while agriculturist is exempted from registration to the extent of supply of produce out of cultivation of land. A person with multiple business verticals in a state may obtain a separate registration for each business vertical.