Skip to main content

Casual Taxpayer' registration goes live on GSTN portal

By

GST Network today said it has started the facility for registration of casual taxpayers -- those who conduct businesses occasionally.
A casual taxpayer is a person who occasionally undertakes business transactions in a state/Union Territory where he/she has no place of business.
Goods & Services Tax Network (GSTN) Chairman Navin Kumar said that the registration as 'casual taxpayer' will be valid for 90 days.
A tax payer will also have the option to extend the registration duration once for a maximum of 90 days before the expiry of the initial period for which registration was granted.
 
"A taxpayer must go for registration as casual taxpayer at least 5 working days prior to the commencement of business," Kumar said.
 
Rather than registering as regular taxpayer and being required to file 'nil' returns during off-business months, casual taxpayers can enrol for a limited period of time, GSTN said in a statement.
 
After a taxpayer has opted to register as a 'casual taxpayer', a challan has to be generated after giving estimated values of supplies and tax and cess liability during the period of registration.
The taxpayer has to make advance tax payment using the payment modes available at the GST portal, thereby completing the second stage of registration, it added.
 
"In case such a taxpayer has deposited advance tax but does not wish to continue the business, the taxpayer can apply for a refund at the time of filing application for surrender of registration,"
 
GSTN said, adding a casual taxpayer is not allowed to opt for the composition scheme.
 
Composition scheme allows businesses to pay taxes at a concessional rate and makes tax compliance easy.
 
Goods and Services Tax (GST) was rolled out from July 1 and the process of the first return filing in form GSTR-3B for the month for July has already started on the GSTN portal. 
 
The Economic Times, New Delhi, 11th August 2017

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more