GSTIN is a unique fifteen-digit identification number issued to every taxpayer under the GST system. Before implementing the GST system, each merchant registered under the state’s VAT statute received a specific TIN number. GSTIN now takes the place of TIN.
Similarly, the Central Board of Indirect Taxes and Customs issued service providers with a service tax registration number (CBIC).
Under the GST regime, all registered taxpayers are consolidated into a single platform and registered under a single authority for compliance and administration purposes.
Each firm in a state or union territory will be assigned a unique GSTIN or Goods and Services Tax Identification Number.
A GSTIN, or Goods and Services Tax Identification Number, provides several benefits to businesses that register for it. Below are some of the benefits of GSTIN.
Each taxpayer is given a unique 15-character alphanumeric code called a GSTIN. On the other hand, GSTN, the acronym for Goods and Service Tax Network, is a company managing the information technology aspects of the official GST portal.
The GSTIN number has contributed to the new tax system becoming more transparent. Because it is unique, clients can now independently verify their GSTIN numbers, which is crucial for building trust. The most significant distinction from the system it has replaced is that a GSTIN number enables enterprises to avoid limitations on interstate sales.
Each taxpayer is assigned a 15-digit Goods and Services Taxpayer Identification Number based on their state’s PAN.
For example, if a corporation only has one registration in the same state, the 13th digit of the GSTIN will be “1.” The thirteenth digit of the GSTIN will be assigned as “2” if the same company obtains another registration in the same state.
The 13th digit will be “B” if the corporation has completed 11 registrations in the same state. Similarly, legal corporations can utilize this system to register inside a state and operate in up to 35 economic sectors.
To apply for GSTIN (Goods and Service Tax Identification Number), one must visit the GST portal and complete the registration process online. The registration process involves providing personal and business information, such as PAN, email address, and phone number, as well as uploading essential documents, such as proof of business ownership ab address.
After filling out the required information, the applicant must verify their application using a digital signature or Aadhar-based electronic verification code. Once the application is approved, a unique GSTIN will be issued to the applicant, allowing them to conduct business in compliance with GST regulations. It is important to know that GST registration is mandatory for businesses whose annual turnover exceeds a certain threshold.
Part B of the application process can be completed through ARN. It should include the following documents
Daily, fake GSTIN numbers are discovered, which aids firms in tax evasion and enables them to charge more taxes. You should be aware that every service provider that charges their clients GST is required to print their GSTIN number on every invoice they make.
The following steps should be undertaken to verify GSTIN:
However, the website will show an “error” message if the GSTIN entered is invalid.
Busy’s GST Accounting Software is a one-stop solution for all GST-related queries and functions. The GSTIN verification tool makes the process seamless.
GSTIN (Goods and Services Tax Identification Number) is a unique 15-digit identification number assigned to every registered taxpayer under the GST regime in India. It helps in the seamless flow of Input tax credit across the supply chain and aids in authorities’ efficient administration and monitoring of GST. GSTIN is mandatory for every registered taxpayer in India, and it plays a crucial role in compliance, tax payment and filing of GST returns. It also helps in creating a transparent and reliable system for taxpayers and authorities, thereby promoting the growth and development of the Indian economy.