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Type of Taxable Person under GST

A taxable person under GST is a person who is registered or who is required to obtain registration as per the GST Act. As per the GST Act, taxable persons under GST may include

  1. Individuals
  2. Companies (Private or Public)
  3. Hindu Undivided Family (HUF)
  4. Partnership Firm
  5. Limited Liability Partnership (LLP)
  6. Any Government company or corporation
  7. Co-operative Societies
  8. Body of Individuals (BOI) or Association of Person (AOP)
  9. Any local authority or trust

Who needs to register under GST?

Here is the list of the person who needs to register under GST:

  1. Any taxpayer whose aggregate turnover is more than 40 Lakhs INR (20 Lakhs INR for the North-Eastern States) needs to register under GST.
  2. Any person who was registered under any previous tax regime.
  3. Any person who is carrying out any inter-state supply
  4. CTP (Casual Taxable Person)
  5. RTP (Non-Resident taxable person)
  6. Any person who is supplying goods on behalf of the principal, in other words, an agent
  7. ISD (Input service distributor)
  8. E-Commerce aggregator or operator
  9. Any Person providing OIDAR (Online Information and Database Access or Retrieval) services.

Note 1: Casual Taxable Person under GST is a person who does not have a fixed place of business but supplies goods to the state where GST is applicable

Note 2: NRTP is a non-resident person who supplies to the States of India where GST is applicable but does not have a fixed place of business in India.

Note 3: Input Service Distributor (ISD) is a business or person who receives tax invoices for services that were rendered by its branches. ISD than distributes the input tax credit on proportionate to its branches by issuing an ISD invoice. It shall be noted that the GST Identification number of the branches can be different but they shall be enrolled under the same PAN. Moreover, ISD can only distribute credit on services but credits on goods or capital goods cannot be distributed.

GST Registration based on the type of taxpayers

(i) Every normal person who is required to obtain GST registration needs to apply for it within 30 days from the date on which he was liable to obtain it.

(ii) Casual Taxable Person or Non-Resident Taxable Person needs to apply for the GST registration 5 days before their commencement of business. CTP or NRTP can obtain GST registration for 90 days that can be extended to another 90 days. However, it shall be noted that these taxpayers needs to pay estimated GST in advance and any excess amount paid by them will be refunded back.

GST Payment and Collection

Any person who is registered under GST is eligible to pay and collect the tax. However, the invoice generated by the taxpayer must contain the GST amount section.

Filing GST Returns

Every taxpayer registered under GST is required to file GST Return monthly/quarterly or annually. However, there are different returns for every taxpayer.