Businesses which will provide Aadhaar number while applying for registration under the GST will get the approval in just three working days. The Central Board of Indirect Taxes and Customs last week notified Aadhaar authentication for Good and Services Tax registration with effect from 21st August, 2020.
The notification also stated that in case businesses do not provide Aadhaar number, then GST registration would be granted only after the physical verification of the place of business. The Good and service tax Council in its 39th meeting held on 14th March, 2020, had approved operationalisation of Aadhaar authentication for new taxpayers said the Finance Ministry sources. Although, its implementation was postponed due to the outbreak of coronavirus lockdown.
A person opting for Aadhaar authentication for new GST registration would get it within just 3 working days, no notice is issued and would not need to wait for physical verification. While those applicants not opting for Aadhaar authentication for GST registration would be granted only after the physical verification of the place of business or documentary verification which may take about 21 working days or even more if notice is issued, said sources.
Sources further added that keeping the coronaviurs pandemic in backdrop, it has been provided that the officer may, if the circumstances warrant, opt for asking for additional documents in lieu of the pre-registration for physical verification of the premises.
Aadhaar authentication is likey to facilitate genuine and honest taxpayers though at the same time keeping fake and fraudulent entities away from GST, sources informed.