gst number registration fees
Complete Guide to GST Number Registration: How to Register & Its Fees in India
Introduction:
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services throughout India. The GST regime has been introduced to streamline the taxation system, replacing the previous complex layers of taxes such as VAT, excise duty, and service tax. In order to comply with GST regulations, businesses must obtain a GST number, also known as a GSTIN (Goods and Services Tax Identification Number). This article will provide a complete guide to GST number registration in India, including the process and associated fees.
Understanding GST Number:
A GST number, or GSTIN, is a unique 15-digit identification number assigned to every registered taxpayer under the GST regime. It is essential for businesses operating in India to have a GSTIN, as it enables them to collect and remit GST to the government. The GSTIN captures various details of the taxpayer, such as the state, PAN number, legal entity, etc., making it easier for authorities to monitor and track tax compliance.
Process of GST Number Registration:
The process of registering for a GST number has become quite simple and streamlined, thanks to the online portal provided by the Goods and Services Tax Network (GSTN). Here are the key steps involved:
1. Visit the GST Portal: Start by visiting the official GST portal (www.gst.gov.in).
2. Register as a New User: Click on the ‘Register Now’ button and select the ‘New Registration’ option.
3. Fill Basic Details: Provide the required information, such as your name, PAN, mobile number, and email address.
4. Verification: You will receive an OTP (One-Time Password) on your registered mobile number and email ID for verification. Enter the OTP to proceed.
5. Application Form: Fill out the application form with detailed information about your business, including address, nature of business, and bank details.
6. Upload Documents: Scan and upload the necessary documents, including PAN card, address proof, and bank statements.
7. Verification & ARN: Once all the details are submitted, an Application Reference Number (ARN) will be issued for future reference.
8. Approval & GSTIN: The GST authorities will review the application and, if deemed complete and accurate, will approve it and issue the GSTIN.
GST Registration Fees:
While the process itself is straightforward, businesses must take note of the associated fees for GST number registration. The fees vary based on the nature of business and annual turnover. Here is a breakdown of the fees applicable:
Regular GST Registration:
– Businesses with an annual turnover of up to INR 20 lakhs (INR 10 lakhs for North Eastern and hill states) are exempt from paying any registration fees.
– Businesses with an annual turnover exceeding INR 20 lakhs are required to pay a fee of INR 2,500. This fee is INR 1,000 for businesses in North Eastern and hill states.
Composition Scheme Registration:
– Businesses opting for the composition scheme, with an annual turnover of up to INR 75 lakhs (INR 50 lakhs for North Eastern and hill states), are exempt from paying any registration fees.
– Businesses with an annual turnover exceeding INR 75 lakhs are required to pay a fee of INR 2,500. This fee is INR 1,000 for businesses in North Eastern and hill states.
It is essential to note that the GST registration fees in India are subject to change based on government notifications. Therefore, businesses are advised to keep themselves updated with the latest fee structure.
Conclusion:
Obtaining a GST number is a mandatory requirement for businesses in India. The process is relatively simple and can be completed online through the GST portal. By adhering to the registration process and paying the necessary fees, businesses can ensure tax compliance and avoid penalties. With the implementation of GST, India has witnessed significant tax reforms and business transparency, making it a vital step for all business owners to obtain a GST number.,
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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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