Team Herald
PANJIM: In a big relief to small traders, the Department of Commercial Taxes on Friday has informed that tax-payers with turnover of less than Rs 20 lakh now have option to cancel registration under Goods and Services Tax (GST).
According to the new option, tax-payers who had earlier migrated from VAT to GST and whose turnover did not exceed Rs 20 lakh and who were not otherwise required to obtain or continue with their GST registration, may at their option, cancel their registration under GST states a public notice by commercial tax department.
Speaking to Herald, Commissioner of Commercial Taxes, Dipak Bandekar said “This was there in the GST Act; only thing was that the option was not available in the software which has now been available to the tax-payers. According to the Act, whoever had migrated was needed to cancel the registration within 90 days but those days are gone and therefore it is extended to December 31”.
“Whoever wishes to cancel their registrations because numbers were created for all but some may not like to go in GST or very few may like to go. The official notification will come out by tomorrow or on Monday. But if the traders are registered under GST they are benefited,” said Bandekar
Speaking on the GST levied on Tiatr/Drama, the commissioner informed that if they register they will completely benefit as they have to pay GST for hall booking, artists and hall bookings or sound system hiring if the dealers annual turnover is more than Rs 20 lakh.
“If they are registered on GST, he or she can take the credit of that and this is the principal of GST which nobody understands,” he added
Meanwhile, the option is now made available on the GST Common Portal by which tax-payers choosing to cancel their registration should click on the link ‘Cancellation of Provisional registration’ after logging into their account on the GST Common Portal, fill up the necessary details and submit the application online using Digital Signature / Electronic verification Code.
