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GST Update 13.10.2016

FAQ ON GST- REGISTRATION

GST DAILY DOSE OF UPDATION:-
 
 
 
FAQ ON GST- REGISTRATION
 

Question 8 – This speaks that every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation. Currently excise and service tax registration are premise based and VAT is granted per PAN No. Thus a single person may have multiple excise and service tax registration and single VAT registration. This has been changed to state wise registration for a single assessee based on his PAN no. This would result in change in business processes and will also result in policy change regarding procurement and supply.
 
Question 9: It speaks that an assessee may obtain separate registration for its business vertical subject to conditions as may be prescribed. The concept of business vertical has been borrowed from the Accounting Standards issued by ICAI. The definition of it is a little bit complicated and thus requires clarity. Also it would affect the cenvat treatment lying with different premises of the same assessee. 
 
Question 11: It speaks that PAN shall be mandatory for obtaining GSTIN no. Like the current situation, it will be problematic to obtain the registration without PAN no.  and in case of operation of sub-section (5) of Section 19, where a person who is liable to be registered under this Act fails to obtain registration, the proper officer may proceed to register such person in the manner as may be prescribed, it is not mentioned how such person shall be registered without PAN no.
 
Question 21: It speaks that a casual taxable person or a non-resident taxable person shall, at the time of submission of application for registration under sub-section (1) of section 19, make an advance deposit of tax in an amount equivalent to the estimated tax liability for the period for which the registration is sought. It will be cumbersome to estimate a future tax liability beforehand. Moreover, in case of excess or short deposit, again the departmental procedure will have to be followed which may result in interest cost also.
 
 
We will carry some other questions in our next update.
 
 
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