The GST has shown that the work which can not be done by all the government’s incentive schemes. Within a few days of the GST being implemented across the country from July 1, a large number of businessmen have been in the queue for registering for this new indirect tax system. It is being told that in the last eight days about two and a half million new businessmen have applied for registration in GST. Through this the new taxpayers will be added to the indirect taxes system.
According to the finance ministry, between June 25 and July 2, 2.23 lakh new dealers have applied for registration of goods and services tax ie GST’s Common Portal GSTN. 63,000 have filed full details out of which 32,000 dealers have been given new registration. Sources said that till now the number of applications for new registration has reached around two and a half lakhs. This shows that there is enthusiasm among business people to come under this new tax.
It is worth mentioning that around 80 lakh taxpayers of central excise, service tax and VAT were migrated across the country, out of which more than 65 lakh migrated for GST. There are many traders who do not need to register for GST due to the limit of exemption limit of 20 lakh rupees annually. The way applications are coming to register for registration, it shows that most people want to come under this tax.