Casual Taxable Persons – GST Registration
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The government of India introduced the biggest tax reform – GST on April 1, 2017, replacing multiple tax structure which operates on each step of the supply chain. With the emergence of GST, state and central tax have been merged making a uniform tax rate structure for the entire nation, which was not the scenario earlier.
Multiple taxes resulted in prominence of complexity in business dealing which induced a businessman into tax evasion. Due to the eradication of complexities and ease of regulation, entities have started settling tax, resulting in expansion of the tax base.
A CTP is an individual who undertakes business activities including the supply of both- goods and services on an occasional basis under taxable territory in the absence of any fixed business dealings, where he can manage supply as principal, agent or at any other capacity.
A CTP is obliged to apply for GST Registration irrespective of his annual turnover and registration process must be initiated at least 5-7 days prior to the business undertaking.
GST was implemented in India to streamline and standardize the Nation’s indirect taxes mechanism.