Good news for small businessmen: Automatic GST registration in just 3 days, refund process will also be easy..

Small businessmen are going to get a big relief now because the government has taken a big step to simplify the GST process. CBIC Chairman Sanjay K Agarwal said in the NDTV GST Conclave that GST registration for small and low-risk businesses will now get automatic approval in just three working days. This will benefit those businessmen whose input tax credit (ITC) will not exceed Rs 2.5 lakh per month.

Let us tell you that businesses that do not claim more than Rs 2.5 lakh input tax credit (ITC) every month will come under the low-risk category.

90% amount is refunded within seven days

Along with this, the refund process is also being improved, and it is being made easier. Sanjay Agarwal said that the identified and risk-assessed taxpayers will be able to get 90% of the refund amount provisionally within seven days without any officer's intervention. He said that if a business grows after these new rules and crosses the ITC limit, then it can be taken back to the normal GST registration category. The purpose of these changes is to reduce hassles and ease the tax burden on businessmen.

You will not have to wait long for GST registration
The government has made this change because, in the past, many small businessmen had to wait for a long time for GST registration. Due to fake companies, investigations have increased, there was a delay in seeking documents, and businessmen had to face difficulties in starting the business.

The government has said that it was necessary to simplify the process because, earlier due to fake companies, registration was often delayed, and small business was affected by it. With these new rules, small businesses will be able to join the GST system quickly and the business will be able to run smoothly.

Simplified GST Registration Scheme for Small Businesses
This reform is being introduced under the name “Simplified GST Registration Scheme”, in which businessmen can self-estimate that the GST ITC on their supplies will not exceed ₹2.5 lakh per month. Such businessmen can join this scheme and later go back to the normal registration process if they need it.

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