“The first step towards change is awareness”, the Government of India keeps altering laws from time to time for the betterment of the country. However, it is the duty of the citizens to be aware of updates and amendments of GST Registration and hence be up to date. In this blog we will be discussing a significant topic of today which most of the common people are unaware of, which is key updates and amendments of GST Registration. It will help you out to know about those things which may be crucial for your businesses. Hence you must go through the present blog or write up till its last word.
What do you Mean by Word Tax?
Before deep diving into the main topic of GST, it is very paramount that all citizens are well versed with what tax is and why is it paid, as every human being is born with a right to know where his hard earned money is going. Therefore, to start with Tax, it is nothing but money charged by the government on public/citizens for welfare and economic growth of the country such as construction of roads, government schools, government hospitals, Army etc. In simple terms, “money taken from people, for the benefit of people”.
What is Goods and Services Tax?
Goods and Services tax also known as GST is a kind of an Indirect tax as mentioned earlier. It is nothing but tax imposed on goods and services bought by consumers from a middle man, who transfers it to the Government. This can be explained better by quoting an example. Z, the husband thinks of buying a beautiful gold chain and ring for his wife for her birthday. Therefore, he visits a gold shop nearby called P.N Gadgil and Sons Ltd, and after buying receives a final bill of Rs 23,465 included with 3% GST. So, the gold shop will have to pay this 3% GST to the government. Here, the Gold shop is the middle man (intermediary) who transfers the GST amount from Z (Consumer) to the government.
What is GST Registration?
GST Registration is nothing but filling an online application form (GST-Reg-01) by taxpayers to GST authorities, through the GST portal with an aim to receive an unique GST No. or GSTIN. The GST Portal ( https://www.gst.gov.in/ ) is an online GST Network made to ease the communication between Government and Consumers. It is an online platform wherein one can raise queries, file returns, file details of sales and purchases etc.
What are the Key Updates and Amendments of GST Registration?
During, GST registration, one has to fill in some details such as Name, Address etc. in the registration form on the online GST Portal. There is always a possibility that certain details can undergo changes in future. Hence, to make one convenient to alter such updates and amendments of GST Registration, there is a provision made, known as GST Registration Amendment under section 28 of CGST ACT( Central GST Act). For instance, B, an Indian Citizen, had made an Adhar card in 2015. However, in 2017 he had changed his residential address. Now, he is liable to alter his old address mentioned in his adhar card by updating it. Similar, is the case with the GST Registration Amendment. Some of the key updates and amendments of GST Registration are given below:
Updates of 7th November 2023
Earlier, after filling Reg-01 application form for registration and Aadhaar Authentication, a link would be sent in 15 minutes asking for OTP (one time password). Post which, the application would be submitted and GSTIN would be received. However, now there is a change witnessed in the registration process i.e filling the form, the portal will check all details such as PAN, Mobile Number, Address etc. and if the portal has a slight doubt regarding the particulars of the applicant, then no link shall be sent. Instead, a new link for booking a physical appointment in nearby GST Suvidha Kendra will be sent to the applicant for document verification and biometrics. While this, a copy of email evidencing the appointment, adhar number and original documents which are uploaded are to be carried by the applicant.
Update of 1st December 2023
Earlier to login only username and password would be asked, however from 1st December 2023, if there is a change in the desktop/ device used to login an OTP will be asked. This is designed to strengthen the login security system on the portal. (i.e., ONE OTP = ONE SYSTEM). It is one of the key updates and amendments of GST Registration.
GST Amnesty Scheme
This scheme is available for people who were unable to file an appeal against orders passed on or before 31st March 2023. In order to be benefitted under this scheme certain conditions have to be fulfilled:
- Mandatory compliance with conditions mentioned in notification No. 53/2023
- 2.5% extra payment of fees in cash
- However, applicants who had already filed an appeal subsequent to which a certain amount of fees had been paid are directed to login to the portal, go to services, then choose ledgers and payment towards demand and can now make a further payment of 2.5% fees.
- The GST Portal will not work for applicants, who had appealed earlier and were rejected. Such applicants have to go to the grievance redressal on the portal and submit the grievance, subsequent to which an option of appeal can be viewed on the portal.
Update of 31st December 2023
One of the most important updates with respect to goods and services tax, came on the 31st of December of 2023. It is the last date to file GSTR-9/9C for the year 2022-2023(GSTR- 9 form is for entities whose turnover exceeds 2cr) and (GSTR-9C form is for entities whose turnover exceeds 5cr). It is also another one of the key updates and amendments of GST Registration.
Conclusion
GST is the most significant topic of today, which is affecting everyone, be it a common man or a wealthy seller, hence its necessary to know about key updates and amendments of GST Registration. It is imposed on almost each and every product and service which we render or buy. Therefore, it is very important that we the citizens of India are well aware of updates and amendments of GST Registration which have been made by the government of India. It is very essential that we keep a check on the highlights of the upcoming GST Council meetings so as to stay up- to- date. The paramount thing we can’t be ignorant of is being able to differentiate between who is permitted to take GST on government’s behalf and who is not. Therefore, it is the duty of all citizens to know about GST Registration as well as its amendments.
