The one nation one tax system, GST which is built to improve the country’s competitiveness in international markets is providing the registration approval within three working days. The businesses which will give the Aadhar card while applying for the registration under the Goods and Services Tax will be approved soon.
The GST registration is possible within a few days if you authenticate your Aadhar card, this provision is made to improve the ease of using. The GST was introduced to ensure minimal dropping of taxes and also to reduce the costs of doing the business. Another benefit is that no taxpayer is obligated to pay tax on advance for the supply of goods.
The Central Board of Indirect Taxes and Customs (CBIC) notified last week about the Aadhar authentication to be made on GST registration with an effect from August 21, 2020. This will help the businesses to complete the formalities within three working days. As per the notification, if the businesses fail to provide the Aadhar number, the procedures will take a long time and GST registration will only be approved after the physical verification of the place of business. The sources from finance ministry state that, the 39th meeting held on March 14, 2020, conducted by the GST Council had permitted operationalisation of Aadhar authentication for the new taxpayers. Though, its enactment was postponed because of the lockdown on account of the coronavirus spread. The person who opts to submit his Aadhar number can get the GST registration soon if there is no notice issued and would need to wait for the physical verification to happen.
While the people who do not opt for the Aadhar authentication may have to wait even for 21 working days or more than that or till the notice is issued after the physical verification of place of business or the documentary verification, the sources reported. The GST registration is mandatory for business and the authentication through Aadhar can save the people from duplications, fake and fraudulent activities. The sources further stated that keeping the COVID-19 pandemic in consideration, it is provided that the authorised officer may, if the situations warrant, can choose for asking for some more additional documents in place of the pre-registration for physical verification of the premises of the business. The major aim of Aadhar authentication is to enable genuine and truthful taxpayers while at the same time keeping the fraud and fake entities away from GST, the sources added.
