Form GST REG-07 for metal scrap dealers is live on the portal!

The GST Portal is gearing up for a significant update that will soon affect businesses involved in metal scrap transactions. With a focus on improving compliance and transparency, the government has introduced new registration requirements for traders and dealers in the metal scrap sector. 

GSTN issued an advisory on 22^nd October 2024 about the introduction of Form GST REG-07 to facilitate registration compliance for buyers of metal scrap. 

Let’s understand the changes.

GSTN Advisory dated 22^nd October 2024

In pursuance of the advisory issued on October 13 regarding the "New GST provision for metal scrap transactions," the GST portal has been updated to facilitate registration compliance for buyers of metal scrap through form GST REG-07. 

Taxpayers in this category are required to select “Others” in Part B of Table 2 under the title “Constitution of Business” section.  

This selection will open a text box where the taxpayer must enter “Metal Scrap Dealers”.

 Please note that this entry is a mandatory field for those selecting “Others” in Table 2.

Once this is completed, the remaining details in the GST REG-07 form must be filled and submitted on the common portal to comply with registration requirements as per Notification No. 25/2024 - Central Tax, issued on October 9, 2024.

 Here is a screenshot of the form GST REG-07 with the relevant sections highlighted.

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Key Highlights

• GST REG-07 Form: The GST REG-07 form, designed for metal scrap dealers, is now available on the GST portal.
• Taxpayers in this category are required to select “Others” in Part B of Table 2 under the title “Constitution of Business” section.  
• Once this is completed, the remaining details in the GST REG-07 form must be filled and submitted on the common portal to comply with registration requirements as per Notification No. 25/2024 - Central Tax, issued on October 9, 2024.

Conclusion

The introduction of the GST REG-07 form for metal scrap dealers marks a significant step toward simplifying the GST registration process for this sector. With the form now live on the GST portal, metal scrap dealers can easily apply for or update their GST registration, ensuring greater compliance with tax regulations. This move not only streamlines the registration process but also enhances transparency and operational efficiency within the scrap industry. Dealers should take advantage of this user-friendly option to stay up to date with their GST obligations and ensure smooth business operations in the long run.

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