Business FinanceThe Better GST Registration Rules By Adam WilsonPosted on 4 weeks ago 0 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr GSTGSTA future gamble is not necessarily always profitable. Doing a business is all about the sentiment that keeps a firm investing for some smooth profits, both in the terms of capital and reputation. Although, some might see complying with the GST registration rules a kind of a blind play. And why shouldn’t they think so? The GST rollout swoops away with it thousands of businesses, big and small, but only half of them were putting Herculean effort to pay their taxes as per the Model GST Law (MGL). GSTThe small businesses held on for long, bearing every thrash of the new taxation regime and waiting for an arrival of the rescue. But as it is said, good things come to those who wait. The government finally realized the suppression of the GST Act on the smaller businesses. You might wonder, is the realization enough? Of course not! If the economy is meant to be dealt only with the emotions, then undoubtedly there would be business, but without any market.So, the people shouted ‘exemption’ And the GST Council heard it. The revision of the GST exemption list became the biggest savior for the small businesses since the introduction of GST. The people involved in the businesses like agriculture, hand tools, cotton, silk, fish, cane jaggery, transportation (students involved), and government post-offices with a lot of others are now relieved from the GST. These businesses work at 0% GST rate now.Here is a list:AgriculturistsFood items such as cereals, fish, vegetables, coffee beans, ginger, turmeric etc.Raw silk and silk wasteAll live animals (except horses)Organic manure (without any brand name)All types of contraceptivesFuels woodPostal items (envelope, stamps etc.)Ordinary banglesHandloom itemsHearing aidSpacecraft and its machineryHuman bloodEducation (pre-school to high secondary)Independent journalistAny good to the GST?Surprisingly yes. A system as vast and complicated as the Goods and Services Tax needs timely improvements. Post-announcement of the list of goods and services exempted from the GST regime, the registrations have seen a hike in the number of people pouring in to accept the law. The major point is, that people are not afraid of any burden or of their business being walled-off due to the GST regime. The registration of the small businesses according to India’s GST registration rules has now taken the shape of a patriotic movement. These people, who were baffled by the GST in the start, are now offering their support to make the government succeed. All the effort put in by the people making presentations for the government, addressing the effect of the GST regime on the small businesses, finally pays off.But the perfection still awaitsNo matter how hard the government tries to make the taxation process flawless, a problem would arise anyhow. Sometimes, an inclusion of a rule in the taxation regime becomes an obstacle for the people, else the whole system does. If you, as a liable taxpayer of the nation, would try to open the curtains of distrust of the GST regime, you would find many disobeying people in the society. Although these difficulties were foreseen by the government. And to curb them, the GST Council has already taken measures. Since these rules are still debatable, you cannot directly charge-up the government. But as far as the results of the GST rules are experienced, its only motive is the protection of citizen rights.The fair gameSuppose, you are into a business that involves regular transportation of the material. And since the GST Council has introduced an e-way billing on every interstate or intrastate transportation, it is now compulsory for every business to feed the transport record electronically. But what happens when people disagree?Every business of that particular area will be affectedIt will be a backlash for the GST recordsNegative encouragementDisruptive taxationThe purpose of the council to punish businesses not complying with the rules of the GST seems right now. Isn’t it? If a taxable business is not registering under the GST Act, then the penalty is of INR 10,000 or 10% of the due tax, whichever is high. And in case you are not accompanying the e-way billing system, then a penalty amount of INR 10,000 or the amount of tax evaded is charged, whichever is greater.ConclusionThe prime motive of the government is to reduce the intervention of the people in the new taxation process. And this could only be done by executing more electronic measures in the system of the collection of taxes. Since the administration of such giant network is not a child’s job, the people can make the process easier by abiding by the rules and regulations of the GST Act.