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A new feature “core business activity” is introduced in GSTN. By using this option, a taxpayer needs to select his one core business activity on the GST Portal. Core business activity means the business your primary business that you need to select.
Let’s say, if you are a trader then you may select the “trader” category in the Core Business Selection.
core business activity under GST is the main or essential activity that is carried out as a major business.
even if you are engaged in various types of activities, you have to select any one major type of activity that is your core business. This can be identified on the basis of its turnover.
Let’s say, you are a manufacturer of textiles and also doing a trading activity of chemicals. Suppose your turnover of the manufacturing business is 2 crores. whereas the trading turnover is only 1 crore
per year. Therefore, in that situation, you have to choose as a manufacturer as manufacturing is your core business activity.
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3 options are available Manufacturer, Trader, Service Provider, and Other-
3. Select the submit option after the selection of core business activity.
Letters of undertaking for the FY 2021-2022 can now be provided in the GSTN portal, as the new functionality has been activated for all taxpayers, and this has been done for taxpayer convenience.
If a taxpayer selects any core business by mistake then he can change his core business activity by following the simple step mentioned below –
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