What is the Full Form of CTP in GST?
The CTP Full Form in GST is Casual Taxable Person. This is an informal way of calling a person who occasionally undertakes any business activity like selling goods or offering services without a permanent business location in a taxable area. This is very common during temporary business ventures in events, exhibitions, or even in the seasonal market. Despite the irregularity of their business, it is expected that a Casual Taxable Person should register himself/herself under the GST Act and follow all regulations.
Summary of a Casual Taxable Person:
Business activity on a non-schedule basis, a CTP works on a temporary basis without having a permanent business location. However, they must register with GST authorities and prepay taxes, adhering to the GST laws.
Registration and Compliance Requirements:
A casual Taxable Person is a person who occasionally undertakes business transactions within a specified time frame. This would be a time not exceeding 12 months. He/she has to fill in the standard FORM GST REG-01, which will have his/her personal and business details, including PAN, Mobile number, and Email ID, which will be validated at the time of registration. The GST registration for a CTP is temporary, lasting up to 90 days but can be extended for another 90 days if needed.