An opportunity for all the businessmen whose registration were aborted due to non-payment of GST registration tax returns. They can now apply for the restoration of registration till July 22 subject to the condition that they first pay the outstanding tax along with filling the pending return. The revenue department has notified the permission and the same has been informed by the Central Board of Indirect Taxes and Customs (CBIC) to its field offices via letter.
At the beginning of the month, with the objective to prevent the tax-evasion, the CBI had asked the field officers to take precautions while registering those businessmen whose GST registrations were cancelled due to the violation of the rules. However, these traders whose GST registration has been cancelled till March 31, 2019, now have a one time opportunity to restore their registration.
The GST system was implemented from July 1, 2017, and there are 1.2 million businessmen which are registered under GST. The opportunity will transform many more businessmen into the registered one.
Rajat Mohan, the partner of AMRG and Associates, said that the small companies, which inadvertently did not follow the GST rules which led to the cancellation of their registration, can take advantage of this opportunity offered by the CBIC.
Companies will be able to submit the photographs of the registered office and other details to the Ministry of Company Affairs till June 15. Initially, the deadline was April 25, which has been extended.
In order to regulate the Shell companies, the ministry released an Active-1 form in February. It has to be submitted online. It is mandatory for companies founded before January 1, 2018.
