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security amount

Saptangshu Ghosh (9 Points)

03 April 2017

Is there any security amount needed to register to GST as like VAT registration(25000/-)?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182282 Points)
Replied 03 April 2017

Yes. While a normal taxable person does not have to make any deposit of money to obtain registration, a casual taxable person or a non-resident taxable person shall, at the time of submission of application for registration under sub-section (1) of section 19, make an advance deposit of tax in an amount equivalent to the estimated tax liability of such person for the period for which the registration is sought. If registration is to be extended beyond the initial period of ninety days, an advance additional amount of tax equivalent to the estimated tax liability is to be deposited for the period for which the extension beyond it is being sought.

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Saptangshu Ghosh (9 Points)
Replied 03 April 2017

what is the amount of security deposit?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182282 Points)
Replied 03 April 2017

Not declared yet, wait for final rates.

Saptangshu Ghosh (9 Points)
Replied 03 April 2017

what is the difference between normal taxable person and casual taxable person? please explain

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182282 Points)
Replied 03 April 2017

As per Model GST law : a ‘taxable person’ is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act.

Any person who engages in economic activity including trade and commerce is treated as taxable person.

While a person who occasionally supplies goods and/or services in a territory where GST is applicable but he does not have a fixed place/occassion of business. Such a person will be treated as a casual taxable person as per GST.

Casual taxable person may obtain a temporary registration for a period of 90 days (extendable for additional 90 days).