Core Business Selection on GST portal

Core Business Selection on GST portal

Core Business Selection on GST portal

Recently, the Goods and Services Tax Network (i.e., GSTN) has introduced a new feature namely ‘Core Business Selection’. Vide the feature, the registered taxable person is required to select the core business activity in which they are involved.

The present article briefly explains the steps to avail the functionality of ‘Core Business Selection’; briefing of the option available for selection; important points attached with the same and steps to alter the selected option.

Steps to avail the functionality of ‘Core Business Selection’-

The feature/ functionality will auto-flash post login on the GST website. The steps to avail the same is highlighted hereunder-

STEP 1 – Go to site https://www.gst.gov.in/.

STEP 2 – Click on the ‘Login’ icon available on the right-hand side of the site.

STEP 3 – Provide the following user credentials-

  • Username;
  • Password; and
  • Characters mentioned in the box.

STEP 4 – Click the ‘LOGIN’ icon.

STEP 5 – ‘Core Business Selection’ will appear on clicking the ‘LOGIN’ icon. Following three options are available for selection-

  • Manufacturer;
  • Trader; and
  • Service Provider and Others.

STEP 6 – The registered person is required to select any one of the above options. Selection can be done by clicking the circle available against each option.

STEP 7 – Once the option is selected, click on ‘SUBMIT’.

Briefing of the option available for selection-

Before selecting from the above three options, it is important to understand the meaning of each of them. The following table briefly explains the meaning-

Available Options Meaning thereof
Manufacturer

·   A person who manufacturers new products from the raw materials and various components like equipment, tools, machines etc.

·   The products are then sold to either the customers or wholesalers or distributors or retailers or other manufacturers.

·   It is likely that the manufacturers will sell some of the brought-out items or provide some ancillary services along with the manufactured products. Even in such a case, the person will select a manufacturer as the option since it is his primary activity.

Trader

·   A person engaged in buying and selling the goods is classified as traders.

·   Trader includes wholesaler or distributor or retailers. It also includes the person selling through e-commerce operators.

Service provider and others

·   A person engaged in providing services is known as a service provider.

·   For example, GTA, agents, banking services etc.

·   Notably, ‘others’ includes works contract services and other miscellaneous items.

Additionally, the registered person can read the said details/ meaning by clicking on the ‘information button’ available on the ‘Please Identify your Core business as’ column.

Some important points-

Following are some of the important points which the registered person needs to keep in mind while doing the above selection-

  • Selection of only one core activity is possible.
  • In case the registered person is engaged in more than one activity or all the activities, he is required to select only one activity which is main/ core.
  • The option once selected can be altered in future.

Steps to change the selected option-

In order to alter the selected option, the registered person is required to follow the below steps-

STEP 1 – Visit the GST site i.e., https://www.gst.gov.in/ and click ‘Login’.

STEP 2 – Enter Username; Password and Characters shown in the box and click ‘LOGIN’.

STEP 3 – Select ‘Dashboard’.

STEP 4 – Select ‘View Profile’ available on the right-hand side.

STEP 5 – Select ‘Core Business Activity Status’ available under the ‘Quick Links’.

STEP 6 – Select the appropriate option to change the status.

STEP 7 – Provide a reason for the change.

STEP 8 – Click on ‘SUBMIT’.

Notably, before altering the status, the registered person’s current core business activity would be displayed. In order to change the status, the registered person will be given an option to again select from the three options (i.e., Manufacturer; Trader and Service Provider and Others).

The registered person is mandatorily required to provide an appropriate reason for opting for the new status.

 

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Post by poonamgandhi

CA Poonam Gandhi is a Chartered Accountant and a Lawyer. With a wide practice experience and deep understanding of different laws and taxes, she has been an independent professional writer in the field of taxation, finance and laws.