cost for gst registration
Comprehensive Guide to GST Registration in India: Everything You Need to Know
Introduction
Goods and Services Tax (GST) has revolutionized the Indian tax structure since its implementation on July 1, 2017. As a taxpayer, obtaining GST registration is essential to comply with this taxation system. In this article, we will provide you with an in-depth understanding of the cost associated with GST registration, ensuring that you have a clear idea of the expenses involved.
Understanding GST Registration
GST registration is mandatory for businesses with an annual turnover that exceeds the threshold value specified by the government. It is a unique identification number provided to registered taxpayers, commonly known as a Goods and Services Tax Identification Number (GSTIN). Once obtained, businesses can collect and remit GST, file GST returns, and claim input tax credits.
Eligibility Criteria for GST Registration
To obtain GST registration, businesses must meet certain eligibility criteria. These criteria include:
1. Threshold Turnover: In India, businesses with an annual turnover exceeding ?40 lakh (?20 lakh for North East Indian states) are required to obtain GST registration. However, certain specific businesses, such as individuals supplying goods interstate, are required to register regardless of their turnover.
2. Specific Businesses: Certain businesses, irrespective of their turnover, are also required to obtain GST registration. This includes e-commerce operators, suppliers of online information, database access, and retrieval services from outside India, and businesses supplying goods through e-commerce platforms.
Cost of GST Registration
The cost associated with GST registration mainly consists of two components: government fees and professional fees.
Government Fees:
Obtaining GST registration involves government fees, which vary depending on the type of business entity. Government fees for GST registration are as follows:
1. Proprietorship / Individual: ?0 (No government fees)
2. Partnership Firm / LLP: ?5,000 to ?10,000
3. Private Limited Company: ?10,000 to ?15,000
4. Public Limited Company: ?15,000 to ?20,000
Professional Fees:
To make the process easier and error-free, businesses often seek professional help from chartered accountants or GST practitioners. These professionals assist in completing the required documentation and filing the application accurately. The professional fees depend on the complexity of the case and range from ?3,000 to ?7,000 on average.
Documents Required for GST Registration
While applying for GST registration, certain documents must be submitted along with the application. The list of documents includes:
1. PAN card of the applicant
2. Identity proof (Aadhaar card, Voter ID, passport, etc.)
3. Address proof (electricity bill, passport, driving license, etc.)
4. Bank account details (cancelled cheque or bank statement)
5. Passport-sized photograph
6. Registered office proof (rental agreement, ownership proof, etc.)
GST Registration Process
To obtain GST registration, businesses need to follow a detailed registration process. The process involves the following steps:
1. Visit GST Portal: Access the official GST portal (www.gst.gov.in) and click on the Register Now option.
2. Fill the Form: Fill the GST registration form with accurate details. Provide relevant information such as PAN number, email address, and mobile number.
3. Verification: Once the form is submitted, an application reference number (ARN) is generated. The applicant must digitally sign the application using a digital signature or an Aadhaar-based electronic verification process.
4. Await Approval: After submitting the application, the GST officer will review the provided information, and if deemed satisfactory, the GSTIN is issued within a few working days.
Conclusion
GST registration is a crucial step for businesses in India to ensure compliance with the nation’s taxation system. While the cost of registration includes both government fees and professional fees, it is essential to fulfill the eligibility criteria and submit the required documents accurately. By following the necessary steps and requirements, businesses can smoothly acquire GST registration and reap the benefits of being a registered taxpayer in India.,
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This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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