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Explain the term Casual Taxpayer Person as per the provisions of GST law and define the process to obtain GST registration as a Casual Taxable Person.
As per section 2 (20) of CGST Act 2017, Casual Taxable Person (CTP) is defined as a person who occasionally undertakes transactions involving supply of goods/services in the course or furtherance of business, whether as principal, or agent, or in any other capacity, in a state or a union territory where he has no fixed place of business. A Casual Taxable Person is required to apply for GST registration at least 5 days prior to commencement of business operations. At the time of submitting registration application, the CTP is also required to deposit advance tax equivalent to the estimated tax liability. The estimated tax liability is arrived at by adjusting the eligible ITC from the gross tax liability.
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