LUDHIANA: While the Union government is still finding it difficult to put in place the Goods and Services Tax (GST) regime in India, Punjab has cleared all decks for its implementation in the state by April 1 next year.
State excise and taxation department has asked all its registered Vat dealers to furnish details of their permanent account number (PAN) and validate it online on the department’s portal www.pextax.com last by October 30 to be eligible for issuance of a GSTIN (Goods and Services Tax Identification Number), which would be the only valid number to transact nationwide.
Those who already have their PAN details updated in their respective accounts will also have to log on to the department’s website and validate their PAN. An entity will become eligible for allotment of GST number only after this. The department is also organizing seminars and sessions to impart knowledge to industrialists and tax lawyers about GST. One such camp was organized at department’s Ludhiana office on Monday.
However, the department has not yet made it clear that by when it will start issuing GST numbers to industrialists and traders in Punjab. Sources in the department say that the process will start by late December or January.
According to instructions from the Centre, we need to keep ourselves ready for the implementation of GST system. The new taxation system could start anytime soon next year; rherefore, to expedite the process, we have started collecting details from our registered dealers.
Those who don’t comply with the department’s instructions to furnish PAN details and validate it online, will be penalized according to the provisions of VAT Act. A notice mentioning the same has been uploaded by the department on its website. Also, previously the last date for complying with the rule was August 25, which was extended due to non-preparedness of the department and lack of awareness among tax payers.
Source : The Times of India