Who is a casual taxable person?

 

A casual taxable person, as defined under the Goods and Services Tax (GST) regime in India, refers to an individual or business entity who occasionally undertakes transactions involving the supply of goods or services, but does not have a fixed place of business in the location where the transaction is being conducted. 

Here are some key points about casual taxable persons:

1. **Occasional Nature**: They engage in business activities sporadically or irregularly, typically not as their primary business activity.

2. **No Fixed Place of Business**: Unlike regular taxable persons who have a fixed place of business, casual taxable persons do not have a fixed place of business in the location where they are making supplies.

3. **Registration Requirement**: Casual taxable persons are required to register for GST in the state or Union territory where they intend to undertake business activities. This registration is temporary and typically valid for a specified period, which may be extended if necessary.

4. **Compliance Obligations**: Once registered, casual taxable persons are required to comply with GST regulations, including issuing tax invoices, collecting and remitting GST, and filing GST returns.

5. **Advance Tax Payment**: Casual taxable persons are typically required to make an advance deposit of GST based on an estimate of the tax liability for the period of registration. This deposit is made before the commencement of business activities.

6. **Input Tax Credit**: Casual taxable persons are generally eligible to claim input tax credit on GST paid on inputs and input services used in their business activities, subject to certain conditions.

Overall, casual taxable persons play a role in the GST framework by ensuring that individuals or businesses engaged in occasional transactions are brought within the ambit of GST and contribute to the tax revenue.

What is Integrated Goods and Services Tax?

 

Integrated Tax (IGST) is one of the key components of India's Goods and Services Tax (GST) system. It is levied on the supply of goods and services across state borders within India. Here are the key points about Integrated Tax (IGST):

1. **Interstate Transactions**: IGST is applicable to transactions involving the supply of goods and services between different states or Union territories of India. It replaces the Central Sales Tax (CST) that was applicable to interstate sales under the previous tax regime.

2. **Destination-Based Taxation**: IGST follows the principle of destination-based taxation. This means that the tax revenue accrues to the state where the goods or services are consumed, rather than to the state where they are produced.

3. **Single Tax**: Unlike the previous tax system, where both Central and State taxes were levied separately on interstate transactions, IGST is a single tax levied by the central government on interstate supplies. It is designed to facilitate seamless trade and reduce tax complexities for businesses.

4. **Collected by the Central Government**: IGST is collected by the central government, and the revenue is shared between the central and state governments based on the destination principle. The state where the goods or services are consumed receives the share of revenue.

5. **Input Tax Credit (ITC)**: Businesses can claim Input Tax Credit (ITC) for IGST paid on inputs, input services, and capital goods used in the course of business, similar to the credits available for Central GST (CGST) and State GST (SGST) paid.

6. **Uniform Rate**: The rate of IGST is usually aligned with the rate of CGST and SGST applicable to intra-state transactions. This ensures uniformity in tax rates across the country.

7. **Import of Goods and Services**: IGST is also applicable to the import of goods and services into India. It is levied on the value of imported goods or services, along with customs duties.

Overall, IGST plays a crucial role in the GST system by harmonizing taxation on interstate transactions, promoting economic integration across states, and simplifying compliance for businesses engaged in interstate trade.

How to do GST Registration in Noida?

 

Registering for GST (Goods and Services Tax) in Noida, India, follows a specific process outlined by the Goods and Services Tax Network (GSTN). Here's a step-by-step guide:

1. **Visit the GST Portal**: Go to the official GST Portal website (https://www.gst.gov.in/).

2. **Click on "Register Now"**: On the GST Portal homepage, you'll find the "Register Now" button. Click on it to start the registration process.

3. **Select "New Registration"**: Choose the "New Registration" option. 

4. **Fill in the Required Information**: You'll be prompted to fill in various details such as your PAN (Permanent Account Number), mobile number, and email address. You'll receive an OTP (One-Time Password) on the provided mobile number and email for verification.

5. **Enter OTP**: Enter the OTP received on your mobile number and email to proceed.

6. **Enter Business Details**: Provide details about your business such as legal name, trade name, PAN of the business, and the state in which you are applying for registration.

7. **Upload Documents**: You'll need to upload certain documents such as proof of business registration, proof of address of the principal place of business, bank account details, and authorized signatory details.

8. **Verification**: After submitting the application and documents, you'll need to digitally sign the application using DSC (Digital Signature Certificate), EVC (Electronic Verification Code), or Aadhaar OTP.

9. **Application Reference Number (ARN)**: Once the application is successfully submitted, you'll receive an Application Reference Number (ARN) via email and SMS.

10. **Processing by Tax Authorities**: The application will be processed by the GST authorities. If they require any additional information or documents, they may reach out to you.

11. **GSTIN Allotment**: Upon successful verification and approval of the application, a unique GST Identification Number (GSTIN) will be allotted to your business. This number will be available for download on the GST Portal.

12. **Filing Returns**: Once registered, you'll need to file GST returns regularly as per the prescribed schedule.

It's essential to ensure that all information provided during the registration process is accurate and up-to-date to avoid any delays or complications in the registration process. Additionally, consulting with a tax professional or accountant can also be beneficial to ensure compliance with GST regulations.