gst registration cost
GST Registration Cost in India: Everything You Need to Know
Introduction
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It was implemented on July 1, 2017, with the aim to streamline the tax structure and make it more uniform across the country. GST registration is mandatory for businesses with an annual turnover exceeding a specified limit. In this article, we will delve into the GST registration cost in India and provide a comprehensive understanding of the associated expenses.
GST Registration Process
Before discussing the costs, let’s quickly go through the GST registration process. The registration process is primarily conducted online through the Goods and Services Tax Network (GSTN) portal. Here are the steps involved:
1. Visit the GSTN portal and click on the New Registration tab.
2. Fill out the necessary details such as PAN (Permanent Account Number), email address, and mobile number.
3. An OTP (One Time Password) will be sent to the registered mobile number and email address for verification.
4. Fill out the Part B of the registration form, which requires additional information about the business entity.
5. Upload the required documents, which include PAN card, proof of address, bank account details, and identity proof of all partners/directors/proprietors.
6. Once the application is submitted, a GST officer will review the application and may request additional documents or information if required.
7. If the application is approved, an Application Reference Number (ARN) will be issued to complete the registration process.
Now let’s discuss the cost associated with GST registration.
GST Registration Cost
The cost of GST registration primarily includes the government fees and professional fees, if you choose to seek assistance from a GST Practitioner or a Chartered Accountant. Let’s break down the expenses:
Government Fees:
The government fees for GST registration depend on the nature of your business. As per the latest regulations, the cost can range from as low as INR 100 to INR 10,000. Here is a classification based on the annual turnover:
1. Nil Fees: For businesses with an annual turnover of less than INR 20 lakhs (INR 10 lakhs in certain states), known as the threshold limit, GST registration is not mandatory. However, businesses falling under this category can opt for voluntary registration.
2. INR 100 Fees: For businesses with an annual turnover between INR 20 lakhs (INR 10 lakhs in certain states) and INR 40 lakhs, known as the composition scheme, a nominal fee of INR 100 is applicable.
3. INR 10,000 Fees: For businesses with an annual turnover exceeding INR 40 lakhs, the government fees amount to INR 10,000.
Professional Fees:
While it is not mandatory to seek professional assistance for GST registration, many businesses choose to do so to ensure a smooth process and compliance. The professional fees can vary depending on the complexity of the business structure and the service provider. On average, professional fees for GST registration can range from INR 2,000 to INR 10,000.
Other Costs:
Apart from the government and professional fees, businesses may incur additional costs such as obtaining digital signatures for the authorized signatory and the cost of obtaining additional documents required for registration. These costs can vary and depend on the service provider chosen by the business.
Conclusion
GST registration is essential for businesses in India, especially those with an annual turnover above the threshold limit. The cost of GST registration mainly includes government fees and optional professional fees. While government fees range from INR 100 to INR 10,000 based on the annual turnover, professional fees can vary depending on the complexity of the business and the service provider. Moreover, there may be additional costs associated with obtaining digital signatures and required documents. It is advisable for businesses to carefully consider these costs and seek professional guidance if required.,
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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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