After the decision of introducing and full implementation of GST in India for the Businesses, however big or small, near about 1,800 businesses which were earlier registered under VAT and service tax regime have taken initiative and have applied for their migration to the GST system in the latest migration window.
In the meeting conducted in July by the GST Council, a decision was taken to allow the businesses with provisional GST ID to migrate to the new GST system.
Further Initiative was taken by the Government for the Complete implementation:
The Taxpayers are then asked by CBIC, the Central Board of Indirect Taxes and Customs, to approach the jurisdictional nodal officer of the Central or state government along with their provisional ID, registration number allotted as per the earlier law, reason for not migrating in the system, and their contact details, on or before 31st August 2018.
With the help of the migration window, about 1,800 businesses have migrated to the GST system. As per an information from one of the officials, it is predicted that the number could go up as the State Tax officers are still compiling data.
The current Data reflects that over 1.15 crore businesses are registered under the GST regime, out of which 63.76 lakh are those which have migrated from the earlier prevailing service tax and VAT system and over 51 lakhs are the Newly registered.
As per an official, the reason for the less turnout this time could be the initial migration of many Taxpayers, i.e. before the GST roll-out, i.e. before November 2016 when the Window was initially opened.
In the starting phase of goods and services tax, there were roadblocks for migration from VAT to GST as thousands of business units were struck due to tax credit issues.
Gradually the finance ministry pulled out all the problems whether of Input tax credit under GST or technical glitches, after which the businesses were assured of the better tax regime to migrate.
