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Understanding GST Registration Fees: What You Need to Know

Introduction

GST, also known as Goods and Services Tax, was passed in the Parliament in 2017. It has basically replaced many indirect taxes in India like VAT, service tax, excise duty etc. The hassle of taxes has basically become very simple after the implementation of GST. Its implementation by the government has also brought uniformity in the indirect taxation system. There are some businesses for which GST registration is mandatory and if an organization operates its business without getting GST registration, it will be considered an offense and may result in it having to pay the penalty.

What is GST Registration?

If the turnover of any business is more than Rs 40 lakh, Rs 20 lakh or Rs 10 lakh, then the business owner will have to compulsorily register himself as a normal taxpayer under Goods and Services Tax (GST). This is what we call GST registration. After the completion of the GST registration process, the Central Government provides you a 15 digit Good and Services Tax Identification Number. This 15 digit GSTIN is mainly used to determine whether the business is liable to pay GST or not.

Penalty of not doing the GST Registration

It is very important for any manufacturer who is eligible under the eligibility criteria to get GST registration. You will be able to avail legal benefits only if you are registered under GST. If for any reason you fail to register under GST or do not follow the law, you can be slapped with a heavy penalty with a minimum fine of ₹10000.The amount can exceed up to 100% of the tax amount due. If you want to save yourself from these penalties and do not want to pay a fine, then it is very important that you get a GST registration.

Who is Eligible for GST Registration?

  • Input service distributors and agents of a supplier.
  • Individuals who supply goods through an e-commerce aggregator.
  • Individuals who have registered under the tax services before the GST law came into effect.
  • Non-Resident Taxable Person and Casual Taxable Person
  • All ecommerce aggregators.
  • Businesses with annual turnover more than Rs 20 lakhs.

What are the GST Registration fees?

You do not have to pay any fees for getting GST registration in India, which means that GST registration is completely free. You can do GST registration by visiting the GST portal with the required documents.

Conclusion

After getting GST registration done, it basically helps you to get out of the tax entanglement. GST registration basically helps in bringing various other taxes like VAT, luxury tax and excise duty into one regime. This has greatly simplified the taxation system. You do not have to pay any fee for GST registration. You can do GST registration from the official website of GST with the necessary documents.

FAQs

Q.1) Can I do two GST enrollments using the same PAN card?

Ans. No, it is only valid for one registration. However, you may add multiple businesses during the GST registration process.

Q.2) When will I receive my GST number?

Ans. The entire GST registration process including getting the GST number basically takes 7 to 10 days.

Q.3) Is GST registration free?

Ans. Yes, GST registration is completely free.

Q.4) Can I surrender my GST number?

Ans. Yes, you can surrender the GST number. However, you can do so only after one year from the date of registration.

Q.5) What is the threshold limit for GST registration?

Ans. The threshold in the case of service providers is Rs.20 lakh (Rs.10 lakh for northeastern and hill states).

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