Government directs businesses to register for GST by July 30

Ausiliatrice Cristiano
Luglio 16, 2017

The government noted that this was its position regarding applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular. "In case the value determined is negative, i.e. goods are sold at loss then tax will not be payable", GST expert Pritam Mahure told IANS. "With the imposition of GST the price of these products will go up nearly three times", says M Agarwal, president of the Surat Textile Traders Association.

The government has also stated that intra-state supplies of second hand goods received by a registered person are exempt from the Central Tax levy.

"If one is carrying-out any business and have an Annual Aggregate turnover in the preceding Financial Year exceeding Rs. 20 lakh (Rs. 10 lakh in Special Category States), you need to register in all the States/Union Territories from where you are making taxable supplies", it said.

To ensure that the chain of input tax credit is not broken, vendors to online marketplaces are registering for Goods and Services Tax (GST).

The Government has asked all traders to register as per the GST laws now without waiting for the last date of July 30, 2017.

All traders need to register before July 30.

Newsletter has been successfully subscribed.

Altre relazioni OverNewsmagazine

Discuti questo articolo

SEGUI I NOSTRI GIORNALE