In a bid to simplify the goods and services tax (GST) registration process, the law committee has proposed to the GST Council to implement different categories of GST registrations based on risk assessment and aligning the registration process with passing on of input tax credit (ITC).
The law panel will be meeting in Jaisalmer on Saturday.
This is expected to help in fast-tracking registration of small businesses within three working days from around 30 working days at present for all businesses, while tightening the controls for registration of risky applicants.
According to GSTN data, more than 98 per cent of applicants for new registration under GST either do not pass on ITC or pass on ITC within a limit of ₹5 lakh per month.
According to sources, under the proposed framework, a category labelled 'New/Small Businesses' will be introduced.
This category will cater to businesses that either do not intend to pass on ITC or wish to conduct ITC transfers within a specified limit per month.
This story is from the December 21, 2024 edition of Business Standard.
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This story is from the December 21, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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