“The figure of new registrations approved in GST crosses 10 lakhs today. About 2 lakh applications pending in process,” Adhia tweeted.
As per an earlier tweet from the Revenue Secretary, about 71 lakh people have migrated to GST out of earlier registered persons.
The increasing numbers are a sign of open arm acceptance of the new tax regime of the government amongst small businesses. Under the registration process, once a business registers under GST, it is given a provisional GSTIN. After that, in the second stage, one has to log in to the GSTN portal and furnish details of their business including the main place of business, additional place, directors and bank account details.
As per norms, micro, small and medium enterprises (MSMEs) with annual turnover less than Rs 20 lakh are exempt from GST registration, except for small businesses indulged in inter-state movement of supplies for whom it is a mandate to register irrespective of their turnover.
However, MSMEs with annual turnover of less than Rs 20 lakh and supplying goods and services within a specific state, if willing to avail the input tax credit, can voluntarily register under GST. Though, once registered, all the supplies will be taxable despite the lesser business revenue.
Once an exempted small business crosses the threshold limit over time, registration should be done within 30 days of it.