{"id":33640,"date":"2024-11-04T15:25:23","date_gmt":"2024-11-04T09:55:23","guid":{"rendered":"https:\/\/piceapp.com\/blogs\/?p=33640"},"modified":"2024-11-04T15:26:03","modified_gmt":"2024-11-04T09:56:03","slug":"taxable-person-under-gst","status":"publish","type":"post","link":"https:\/\/piceapp.com\/blogs\/taxable-person-under-gst\/","title":{"rendered":"Taxable Person Under GST"},"content":{"rendered":"\n
Any taxpayer registered under GST is referred to as a taxable person. However, there can be numerous entities tagged under the title of ‘taxable person’. If you are curious to know about who a taxable person under GST is, this blog is for you. Read on to learn in detail about the eligibility, benefits, responsibilities, registration process and more about GST-registered taxpayers.<\/p>\n\n\n\n
As per Section 2(73) of the GST Act, a taxable ‘person\u2019 is referred to the following entities:<\/p>\n\n\n\n
\ud83d\udca1 If you want to pay your GST with Credit Card, then download\u00a0Pice Business Payment App<\/a>. Pice is the one stop app for all paying all your business expenses.<\/p>\n\n\n\n As stated in Chapter 6 of the GST Act, the following are certain categories of entities that must register themselves under GST:<\/p>\n\n\n\n Businesses making a taxable aggregate annual turnover above the threshold limits of \u20b920 lakhs in a financial year should be mandatorily registered under the GST Act. However, under special category states, the minimum limit is \u20b910 lakhs to be eligible under tax regulations.<\/p>\n\n\n\n States that have been designated as special category states include Nagaland, Assam, Jammu & Kashmir, Himachal Pradesh, Manipur, Arunachal Pradesh, Meghalaya, Uttarakhand, Mizoram, Tripura, and Sikkim. Usually, the National Development Council is in charge of designating a state as a special category state. Some of the factors popularly taken into consideration include low population density, hilly and difficult terrain, strategic location along borders, a sizeable share of tribal population, non-viable nature of state finances, and economic and infrastructure backwardness.<\/p>\n\n\n\n There are several taxpayers who do not qualify under the aggregate turnover criteria but are eligible for GST registration as per the mandatory registration criteria and need to abide by the tax regulations. These criteria include:<\/p>\n\n\n\n The term \u2018Casual taxable person\u2019 refers to those individuals who have no fixed business place and occasionally take up the supply of goods and services. An example of this includes firework shops that are set up during Diwali or an event management business.<\/p>\n\n\n\n Individuals who are involved in the supply of goods from one state to the other need to register themselves under GST.<\/p>\n\n\n\n The majority of the time, the supplier is liable to pay the taxes under GST. Nonetheless, sometimes the recipient is also responsible for the payment of tax liability. Such transactions are known as reverse charges and any person liable to pay them must register themselves under GST.<\/p>\n\n\n\n A person with no principal place of business in India and supplying goods or services within the country is termed a non-resident taxable person. Such persons should mandatorily<\/a> register under GST, irrespective of their aggregate turnover.<\/p>\n\n\n\n People such as brokers, agents, dealers, etc. who make taxable supply of goods and services on behalf of their customers also need to register under GST.<\/p>\n\n\n\n As per Section 51 of the GST Act, the government formed an agency to deduct 1% of taxes when a person supplies goods or services worth more than \u20b92.5 lakhs. Such agencies should register themselves under GST as \u2018deductors\u2019.<\/p>\n\n\n\n A supplier of goods and services who receives tax invoices for the receipt of input services and generates the necessary invoices is referred to as an Input Service Distributor. They, too, must register themselves under GST.<\/p>\n\n\n\n Electronic commerce involves the supply of digital products and an Electronic Commerce Operator is a person who owns or operates such businesses. Even they should mandatorily register under GST and pay their tax liability.<\/p>\n\n\n\n People who are associated with the supply of their goods and services through electronic commerce operators have to mandatorily collect tax for functioning on behalf of suppliers. Thus, such people will also have to pay GST and register themselves accordingly.<\/p>\n\n\n\n If a person is involved in the supply of OIDAR from any place outside India to any person residing in this country, they must register under GST.<\/p>\n\n\n\n All people who were previously obligated to pay taxes under service tax VAT or central excise must register under GST.<\/p>\n\n\n\n A person who is the success of a venture that is presently headed by a GST-registered person must register under GST immediately upon their succession.<\/p>\n\n\n\n Being a GST-registered person, you will have to bear certain responsibilities such as compliance with rules and maintaining the necessary paperwork. Upon doing so, they can reap advantages like enhanced credibility of the venture, new opportunities for growing business and availability of Input Tax Credit, minimising overall taxes.<\/p>\n\n\n\n Following is the step-by-step process of registration application for a casual taxpayer:<\/p>\n\n\n\n There are several benefits that you can reap upon registering as a casual taxable person. These advantages include:<\/p>\n\n\n\n Along with the benefits, there are certain responsibilities that casual taxpayers need to bear. These obligations include:<\/p>\n\n\n\n There are several limitations that come with registration under the GST liability framework, which casual taxpayers must be aware of. These include:<\/p>\n\n\n\nWho Needs GST Registration?<\/strong><\/h2>\n\n\n\n

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Responsibilities of Taxable Persons<\/strong><\/h2>\n\n\n\n

Registration Process<\/strong><\/h3>\n\n\n\n
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Benefits of Being a Casual Taxable Person<\/strong><\/h2>\n\n\n\n
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Obligations and Responsibilities<\/strong><\/h2>\n\n\n\n
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Limitations and Challenges<\/strong><\/h2>\n\n\n\n