GST for beginners, from my CA friend: who needs it and what it costs

Transcript

Yes, I mean, there is no need to take GST for initiation level, but there are some cases where you get GST or get admitted. Now, let's assume that there is a person who just wants to start, and he is not saying that he will get into complications. He is like, "I have to do all this." And let's assume that he has started his business by taking money from his account. Yes. So, what can be the complications of that person? And how the person can make sure that he is not seen too much? No, yes, there is no such complication in that person. Yes. So, it depends on where the money is coming from. No, no, he is selling something. He is like running a business only. Any kind of software or something is selling. Yes, if the money is coming from outside, I mean, money coming from out of India, then you will have to take GST for initiation level. Okay, GST is a must for out of India. Yes, I mean, in that case, you don't have to take any limit of Rs. 20,000-40,000, you don't have to take any limit of Rs. 20,000-40,000. If the money is coming from outside, even if you are getting Rs. 5,000, then you will have to take GST for initiation level. Now, if someone wants to start, then they can take GST for initiation level. Yes, GST is mandatory. Yes, but GST is not a company, they can take GST for initiation level. Okay, what is the cost of that? The cost of GST is usually Rs. 5,000-50,000 in the market. No, I mean, it is not too much. You can start from that. Yes, and the MSME license is Rs. 2,000-2,000 from around Rs. 1,500. Yes, and your SOP establishment is also Rs. 3,000-5,000. So, basically, if someone is starting a business from scratch, then the initial cost of that will be Rs. 15,000-20,000. See, in that, the cost of GST will be Rs. 10,000.