What Next under GST? - Goods and service tax road map.

Target Date for GST Roll out is 1^st April 2017.

Registration of dealers under GST

Ø For existing dealers, no fresh registration is required. Existing Vat/Service Tax/Central Excise dealer data planned to be migrated in to GST system.

Ø For New Dealers Single application is planned to be filed online for registration under Goods & Service Tax (GST).

The registration number will be PAN based. The single registration is applicable for both central and State GST.

Each dealer will issue unique id GSTIN.

Registration will be granted within 3 Days.

Post registration verification will be done in risk based cases only.

Returns under GST

Ø There is only one common return that would serve the purpose of both centre and state GST.

Ø In most of the cases taxpayer will using only four forms for filing their returns. These are return for suppliers, returns for purchases, monthly returns and annual return.

Ø There will be option for small taxpayers to opt composition scheme. Under composition scheme return would require to file on quarterly basis.

Ø Filing of return shall be completely online.

Ø All taxes can also be paid online.