Goods and Services Tax (GST) demonstrates the collective strength of the country, said Prime Minister Narendra Modi in his monthly radio broadcast Mann Ki Baat.
"It is not just a tax reform; it is a new economic order that will strengthen a new culture of honesty. This is a historic achievement," he said in his speech.
GST came into effect on the midnight of July 1. Businesses have been given time until July 30 to register under the GST. If a business becomes liable to register under GST during the course of the year, it needs to apply for registration within 30 days from the day of touching the limit. However, businesses with a turnover of Rs 20 lakh or less are exempted from GST and hence registration is not mandatory. But traders and manufacturers are still doing it to pass on the input tax credit in the supply chain.
Earlier on Saturday, revenue secretary Hasmukh Adhia said over 12 lakh businesses have applied for fresh registration under the Goods and Services Tax (GST) regime, Press Trust of India reported.
Of these, 10 lakh applications for registration have been approved while 2 lakh are still pending approval. "The figure of new registrations approved in GST crosses 10 lakhs today. About 2 lakh applications pending in process," said Adhia in a tweet.
The figure of new registrations approved in GST crosses 10 lakhs today. About 2 lakh applications pending in process.— Dr Hasmukh Adhia (@adhia03) July 29, 2017
When a business registers under GST, it is given a provisional GSTIN. The business has to then log in to the GSTN portal and furnish details of the main place of business, additional places-- if any-- directors, bank account among others.
Watch: Mann Ki Baat