Regular, Casual, and Non-Resident Taxable Persons
Here is clear outline of regular, casual and non resident taxable persons:
Regular Taxpayers
Regular taxpayers under GST are obligated to remit GST once their business turnover surpasses a specified threshold in a fiscal year. Suppliers must register with the state or union when providing goods and services.
Casual Taxable Person
A person who periodically engages in business transactions involving the delivery of goods or services, or both, in a state or union territory where they do not have a fixed place of business, whether as a principal, agent, or in any other capacity, is referred to as a casual taxable person.
Non Residential Taxable Person
A non-resident taxable person is someone who, while not having a fixed place of business or residence in India, occasionally engages in transactions involving the supply of goods or services, or both, in the course or furtherance of their business, whether as a principal, an agent, or in any other capacity.m
eCommerce Operators and GST
As per the Goods and Service Tax Act of 2017 all e-Commerce operators should collect the tax at the source of 1% on the cross sales amount of an e-Commerce seller. e-Commerce operators who manage digital or electronic facilities selling goods should register under the Act mandatorily and they are also required to register for TCS.
GSTIN and It’s Significance
A GSTIN number is a 15-digit code that identifies a registered taxpayer (mainly dealers, suppliers, or any business entity across India) registered under the GST regime. GSTIN is an abbreviation for Goods and Services Tax Identification Number. This provides greater transparency in the GST system, helps in collecting all the GST-related data from the vendors, and prevents tax evasion. Having a GST number provides many advantages for small enterprises. It gives businesses access to different government assistance and relief programs, allows them to claim input tax credit on their purchases, and increases their credibility with suppliers and consumers.
The GSTIN plays a crucial role in activities such as availing loans, claiming refunds, simplifying verification processes, making corrections, and understanding one's GST identification number.