GST fast-track registration scheme triggers spike in automatic approvals

142,000 applications cleared in 15 days

- MONIKA YADAV

‘The Centre’s new fast-track goods and services tax (GST) registration scheme, rolled out from November 1, has resulted in a sharp spike in automatic approvals, with 142,000 applications being cleared electronically in the first 15 days of the month, official sources told Business Standard. These account for more than two-thirds of all registrations issued during the period.

Overall, over 217,000 GST registrations were granted in the first 15 days of the new regime. Nearly 66 per cent of these registrations, "those falling under the new scheme, were approved within 24 hours, with the fastest registration processed in 21 minutes. The first registration under the new system was issued at 12.16 pm on November 1,” said a GSTN source.