﻿GST Migration: Important Factors in India?

GST Migration is transferring of existing client data from older system to the new system (GST system). The GST-Migration the government has launched the existing registration migration project under GST, an existing taxpayer registered below VAT/ Service Tax/ Excise have to migrate their registration as per allotted dates.

Existing taxpayers are not required to enroll individually with Central and State authorities under GST. The process of migrating existing taxpayers to the goods and service tax (GST) network will allow taxpayers located across various states to update their data and other related documents as a first step towards obtaining a registration number under GST.

The objective is to help existing clients to do business without any problem, sort out inconsistencies and get prepared for smooth transition towards the implementation on the date April 1, 2017.

Important Points for Taxpayer against the GST Migration:-

Every current taxpayer will be transferred to GST. Liquor dealers registered under the VAT are not needed to migrate.
There is no deemed enrollment under GST, every taxpayer is expected to visit the GST common portal and enroll themselves at the GST common portal.
Current taxpayers are not required to enroll individually with Central and State authorities under GST.
It is free of charge levied for the enrollment of a taxpayer under GST.
GST migration will take place online and there will be no paper-based enrollment.
If a taxpayer has many businesses in one state then the taxpayer may register one business entity first. For the outstanding business within the state, it will have to get in touch with their respective Jurisdictional Authority.
Existing Input Service Distributor (ISD) registrations have been a prerequisite for registrations into GST portals for enrolling them in the structure. Central Jurisdictional Authority also needs to be informed by the taxpayer while registering.

This is going to be a challenging task and will give us a clear picture of where are all the things stand.

Provisional Registration:-

All the present registrants having a Permanent Account Number(PAN) will be declared a Provisional Registration certificate in from GST reg-21. Such certificate shall be valid for an initial duration of six months from the date of issue.

The Impact of GST:-

The government will audit 5% of registered traders every year after Implementation of GST. Currently, VAT department’s inspection quota is 7%. Still, since the annual revenue threshold under GST has been fixed at Rs.20 lakhs, few traders may go out of the tax net. As a nonprofit organization commenced from March 2013, essentially been set up to render IT infrastructure and assistance to the primary and nations governments, duty payers and other shareholders for the actualization of GST. It has also been passed to partner with other agencies for producing an effective and user-friendly GST eco-system.