At a one-day workshop held on Thursday to familiarise stakeholders with the provisions of the Goods and Services Tax (GST) Act, officials of commercial taxes department (CTD) said small traders from the state could avail benefits by enrolling themselves under the compounding scheme (now known as composition scheme).
While the uniform GST regime would come into force in the country from July 1, the last opportunity for registration and enrolment under GST for Bihar traders is from June 1 to 15. CTD joint commissioner Mohan Nath Mishra, chief guest at the workshop, told the participants enrolment under GST is a must for traders and they should generate their application reference number using the GST portal.
However, it is optional for traders with annual turnover of less than Rs 20 lakh to enrol themselves under GST provisions. The CTD officials, including from the department’s state headquarters and the Gandhi Maidan circle, told the participants that small traders with less than Rs 50 lakh annual turnover have to definitely enrol themselves under the GST provisions, but such traders, who had reported less than Rs 50 lakh annual turnover in the last financial year, could opt for the compounding scheme to get the related benefits accruing from it.
The benefits included submission of simplified details (quarterly or annual), easy payment of taxes (quarterly) and concessional tax rates, Mishra added.
As many as 250 persons from groups of stakeholders, including representatives of various firms, lawyers and chartered accountants participated in the workshop. Among senior CTD officials from the Gandhi Maidan circle who explained provisions of the GST, its benefits and advantages to the traders included deputy commissioner Neeraj Kumar, assistant commissioners Pankaj Kumar Prasad and Vinay Kumar and commercial tax officers Renu Kumari and Anamika Kumari.
Prasad said the other eligibility criteria for the beneficiaries of the compounding scheme are that they should not do inter-state supply of goods or engage in supply of goods through e-commerce mode. Vinay Kumar made power-point presentation of the process involved in the migration to GST.