Goods and Service Tax Network has finally set up the registration portal for the taxpayers who can register with the network and can submit all the necessary details, making a flawless network by which they can avail tax payment, returns and refund service under the GST regime.
The website will be available in November while the connecting dots will be dealers, traders, manufacturers and taxpayers within the portal. Navin Kumar, chairman of GSTN mentioned that “Beginning November, we will be opening a portal for existing taxpayers. Login IDs and passwords will be given to the taxpayers. They can log in and fill in details like their place of business and other such information.”
“Even new taxpayers will be able to enroll at a later date through this portal” he added. The GST council has given the threshold limit and also shaded light on the compounding scheme with which the taxpayers now have more cleared aspects of taxation scheme.
Vipul Jhaveri, managing partner, tax and regulatory, at Deloitte Haskins and Sells Llp said that “Industry needs time to prepare its information technology systems for a transition to GST. The faster the draft laws and rules are finalized, the easier it will be for the industry to make the transition to GST smoothly.”
The decisions that the council came up with was that the small traders with revenues of Rs. 20-50 lakh can pay a flat tax and ignore the unnecessary paperwork. While the other indirect taxes, excise duty, service tax, value added tax, entertainment tax and luxury tax will be absorbed by the tax regime and the newly formatted taxation portal will offer the service starting from registration, tax payment and tax return filing to refunds, audits, and assessments by the means of online.
GSTN has released a developer portal for the IT companies to develop GST-based applications for assisting taxpayers in e-filing of returns and tax paying.
