Don’t Miss GST Deadline: You May Loose Some Benefits

The Government is striving hard to meet its ambitious target to roll out a pan  India Goods and Service tax from July, 2017. One of the biggest challenges in implementation of GST is the migration of existing taxpayers to GST system to ensure the smooth transition to GST regime.

About 1.85 lakh dealers out of the 3.53 lakh registered with the VAT department have enrolled on the GST portal from December 16 till date.

There are many obstructions that lead to delay in migration to GST for existing tax payer, one of the reason is that in around 50,000 cases dealers could not complete their applications as their PAN card details did not match the ones registered with them. “For instance, the PAN may have the company name written in abbreviation and the VAT data has the full name. This difference appears as a mismatch and the dealers have been asked to get this rectified. In addition to this, still there are many dealers who are not aware of GST migration or not taking it seriously.

To figure out all those issues and to give chance to existing dealers , delhi government accord their consent to bring out an advertisement to announce extension of the deadline for enrolment till March 15 against an earlier deadline of 31st December 2016.

Why GST migration is paramount till extended date

As we know that state government is clear that those who do not register by the extended deadline will not be considered for any of the tax payment related benefits given to dealers by the VAT department from thereon.

The dealers who choose not to get enrolled on the GST portal will come under the scanner of the VAT department which plans to begin the exercise of pruning the list of registered dealers for weeding out any possibility of bogus dealers or those whose registration may have been cancelled.

The GST portal seeks to warrant the dealers with a complete online experience with no manual interface. From uploading of bills and filing of returns to tax payment, the entire process will be online. Once GST comes into effect, VAT will cease to exist except in the case of liquor and five petroleum products, including diesel and petrol. Luxury tax and entertainment tax will be merged under GST. The excise on liquor will continue, along with VAT, even after GST rollout.

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