Migration to upcoming GST Act has started once again from 1st June. This is the last chance to get registered under GST Act. Upcoming Goods and Service Tax Act brings more opportunities and benefits for businesses. To avail the same, it is necessary that both the supplier and buyer are registered under the Act.
If supplier does not get himself registered, then the credit flow will be blocked and buyer would not be able to avail the Input Tax Credit. Also, this can hamper the goodwill of company. Thus, it is suggested that timely migration is taken to avail all the available benefits. Being registered under Goods and Service Tax will also help companies in many ways. GSTN (Goods and Service Tax Network), the technology backbone of GST has introduced many new features like compliance star rating under section 149 of Central Goods and Service Tax Act. Under this rating will be given to assessee on the basis of how they comply with the provisions of the Act.