Taxable Person under GST

Taxable person under GST is anyone who is registered under GST or required to be
registered under GST. Various criteria’s like turnover, business activity or transaction have
been specified in GST Act, which details persons liable to be registered under GST.
Further, any person having registration under Service Tax, VAT or Central Excise on the
date of GST coming into force will automatically be considered a taxable person under
GST.

GST Definition of Taxable Person

The term “person” has been defined in Section 2(73) of the GST Act as follows:

 An Individual
 A Hindu Undivided Family
 A Company
 A Partnership Firm
 A Limited Liability Partnership
 An Association of Persons or a Body of Individuals, whether incorporated or not, in
India or outside India
 Any Corporation Established by or under any Central, State or Provincial Act, or a
Government Company
 Any body corporate incorporated by or under the laws of a country outside India
 A co-operative society registered under any law relating to cooperative societies
 A local authority
 Government
 Society as defined under the Societies Act, 1860
 Trusts Artificial judicial person, not falling within any of the above categories

The definition for taxable person under GST is similar to the definition in the existing Service
Tax law. Its important to note that the definition for taxable person includes all kinds of
judicial persons (artificial persons) also and not only natural persons.

FIND GST RATE, HSN CODE &

SAC CODE
Under GST, all goods and services transacted in India are classified under the HSN code
system or SAC Code system. Goods are classified under HSN Code and services are
classified under SAC Code. Based on the HSN or SAC code, GST rates have been fixed in
five slabs, namely NIL, 5%, 12%, 18% and 28%.
HSN Code
HSN code or Harmonized System Nomenclature code number is an internationally adopted
commodity description and coding system developed by the World Customs Organization
(WCO). HSN code is used by more than 200 countries as a basis for their customs tariffs.
Currently, over 98% of the merchandise in international trade is classified under HSN code
With the HSN code acting as a universal classification for goods, the Indian Government
has decided to adopt the use of HSN code for classification of goods under GST and levy of
GST.

HSN Code 2017 Edition is the currently valid version applied in international trade
transactions. Prior to the implementation of the HSN Code- 2017 Edition, HSN Code - 2012
Edition was applied in all international trade transactions. The HSN Codes are first
classified into sections, chapters, contains the six-digit codes of the Harmonized System. To
look up a HSN code you can use the HSN code finder or drill-down from Section to Chapter
to the HSN Code.

SAC Code
SAC Code or Services Accounting Code is a classification system for services developed
by the Service Tax Department of India. Using SAC code, the GST rates for services are
fixed in five slabs namely 0%, 5%, 12%, 18% and 28%. If a service is not exempted from
GST or if the GST rates are not provided, then the default GST rate for services of 18%
would be applicable.