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30 Mar2021
  • By Admin
  • Category Goods and Service Tax
  • Views 270

Introduction

The GSTN has enabled a new feature that requires the taxpayer to select one core business activity on the GST Portal. By saying "core business activity", it is meant the kind of business you primarily deal with. For example, if you are a watch manufacturer, you may select the “manufacturer” category in the Core Business Selection.
 
"Core Entity" Feature 
  • The taxpayers have to mention "core business" on his profile.
  • There are 3 options under the "core business" category – Manufacturer, Trader, Service Provider and Other.
  1. Manufacturer: A manufacturer is a registered person who produces the new products from the raw materials and components using equipment and machines and then he sells them to the final consumers, distributors, retailers, wholesalers or others.
  2. Trader: A trader is a registered person who engages in the buying and selling of goods. They can be further classified into Wholesaler or Distributor and Retailer.
  3. Service Provider and Other: A service provider is a registered person who provide services to the recipient and is neither a manufacturer nor a trader. The Others category will consist of business activities like work contract and other miscellaneous items.
  • It is pertinent to note that a taxpayer must select only one core business activity. Further, if a taxpayer wants to change core activity, they can do so on the profile page.

Exemptions:

The GST Practitioners, Online information and database access or retrieval services (OIDAR), embassies, TDS deductors, etc., are kept out of scope of these rules.

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