look news india
If you run a small business or are thinking of starting a new startup, this news will bring a smile on your face. The government has made the process of GST registration very easy for small and medium businessmen from November 1. Now you will get the GST number within just 3 business days, so that you can start your work without any delay. This step has been taken at a time when the country’s GST collection has also been excellent. In the month of October, the government has collected Rs 1.96 lakh crore from GST, which is 4.6% more than the same month last year. This shows that the country’s economy is growing strongly. Who will benefit from this new scheme? This new and faster registration facility is especially for those small and low-risk businessmen whose total monthly GST liability (including CGST, SGST and IGST) is less than Rs 2.5 lakh. In simple words, if you are a small shopkeeper, service provider or starting a new business, now you do not have to go through long and complicated registration process. No need to go through the process. The government estimates that about 96% of the new applicants will get direct benefit from this new scheme. Why was this change brought? Till now, small businessmen had to face a lot of trouble due to the delay in the process of GST registration. To overcome this problem and promote “Ease of Doing Business”, the GST Council has approved this easy process. Now registration will be done on the basis of PAN card in just 3 days, which will provide great relief to small entrepreneurs. How to apply? This process has started on the GST portal from 1st November. Applicants simply have to visit the portal and choose the ‘Low-Risk’ category option and give a self-declaration that their monthly tax liability does not exceed ₹2.5 lakh. The best part is that this scheme is completely at your discretion. Businessmen can opt for it whenever they want and can also opt out if their business becomes big. This decision will definitely promote small businesses and startups in the country. This will not only make it easier for them to do business but will also strengthen the country’s economy.
