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Big relief expected in GST for small businessmen! CBIC can soon start the facility of automatic registration and automatic refund in 3 days. Know how you will benefit from this new plan.

Ever since the Goods and Services Tax (GST) has been implemented in the country, it has simplified the tax system, but its processes have often been a headache for small and medium-sized businesses (MSMEs). From getting GST registration to getting refund, they have to face many difficulties and long wait.

But now it seems that the government has heard their problems and is preparing a big relief package. According to the information, the Central Board of Indirect Taxes and Customs (CBIC) is making such preparations, which will change the picture of the world of GST for small businessmen. CBIC can soon start the facility of automatic registration of GST. It is expected that this will be decided in the next meeting of the GST Council.

Automatic registration: Now GST number will be available in 3 days

According to the information, CBIC is planning to start the facility of automatic registration soon, under which GST registration will be given to small businessmen within just 3 days. In the initial phase, this facility will be given to those small businessmen who generate e-invoices worth 3 to 5 lakhs in a month.

If this happens, then it will not only save the time taken in registration, but will also increase the 'ease of doing business' for businessmen. Let us tell you that in the current system, when a businessman applies for GST registration, he has to wait for many days and sometimes weeks. After filing the application, the officers verify it, which takes a lot of time.

Understand how it will work

This entire process will be automatic. As soon as a businessman applies, the system will do a quick verification based on his financial records and e-invoice data. If everything is found correct, the GST number will be issued within 3 days.

Eyes are on the next meeting of the GST Council

Now all eyes are on the next meeting of the GST Council. The GST Council meeting is likely to be held soon. It is believed that this decision can be taken in this meeting. Let us tell you that the GST Council is the highest body in which the Finance Ministers of the Center and all the states are involved and take all the major decisions related to GST. If these proposals of CBIC get a green signal from the Council in the meeting, then it will be a big gift for crores of small businessmen of the country. This step will not only increase their business, but will also encourage more businessmen to come under the ambit of GST.