Skip to main content

2.7 mn assessees yet to fully migrate to GST portal


Failure to do so will lead to cancellation of the provisional ID after the statutory three months
As many as 2.7 million of the 7.1 million who were assessed under the pre-goods and services tax (GST) system and have activated their accounts on the latter portal, are yet to complete the entire enrollment process.
As a result, they are yet to file returns, said GST Network, the body handling the system's information technology backbone.
"If you have activated your provisional ID for migrating to GST but not completed all the enrolment formalities, you might be heading for a dead end at the time of filing GST returns," GSTN said.
After the initial process of activation of the provisional ID, a taxpayer has to fill Part-B of the enrolment form at the GST portal, providing relevant information regarding the business, including the authorised signatory. Submission of the completed form with digital signature certificate or electronic verification code entitles the taxpayer to the final registration certificate. About 4.4 million have completed the entire process, of the 7.1 million.
Failure to do so will lead to cancellation of the provisional ID after the statutory three months, GSTN said. "Though the law allows enrolled taxpayers three months to submit Part-B, they should not wait until the last moment to complete this formality. In fact, they need to hurry, as they will be able to file their returns only after they have submitted the completed form," it said.
"The deadline for filing the first return, GSTR-3B, is August 20. Those who fail to submit the enrollment form with completed Part-B before this date will not be allowed by the IT system to file this return," said Navin Kumar, GSTN chairman.
The Business Standard, New Delhi, 03rd August 2017

Comments

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...

External spillovers likely to hit India's financial system: RBI report

  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...