GSTIN (Goods and Services Tax Identification Number)

Here you will know about GST, their structure and much more.

What is GSTIN?

The GSTIN is a Goods and Services Tax Identification Number, a unique 15-digit number assigned to every taxpayer registered under the GST regime. The tax identification number or TIN has been replaced with GSTIN, and businesses that have TIN will be automatically allocated GSTIN, on the other hand, new GST registrants will receive a new GSTIN when their registration is complete. And will be approved. As per the current GST rules, all GST registered businesses are required to print GSTIN on all GST invoices that they provide to customers.

Structure of GSTIN

1. The first 2 digits represent the state code. (Every state has a unique code)

2. The next 10 digits are the tax number of the taxpayer.

3. The thirteenth digit is based on the number of registered firms within a state.

4. The fourteenth digit will be "Z" by default.

5. The last digit is a check code to detect errors. It can be an alphabet or a number.

What is the cost of obtaining GSTIN?

There is no cost for obtaining GSTIN.

Verification and Validation of GSTIN

If you have made a new application for GST registration and you have received your new GSTIN. So you have to make sure that all the details of your business are updated correctly on the GST website. Verify GST details, all you have to do is:

• Enter your GST number on the official GST portal page titled Search Taxpayer by GSTIN.

• An alternative method is that you can also use the 'Find taxpayer by PAN' option to complete GST number verification online. This option is also suitable for potential vendors and business partners to do GST number verification online.

How to apply for GSTIN?

GSTIN will be assigned after registration under the GST Act. Taxpayers can register under GST Act and get GSTIN accordingly:

1. Visiting the Seva Kendra set up by the government; or

2. By registering through the online GST Portal –

   1. Log on

   2. Part A - Go to ‘New Registration’ and fill in the all details:

      1. Your name,

      2. E-mail ID and

      3. Mobile number

   3. The GST portal will verify your details by sending an OTP to your registered mobile and email

   4. After the completion of the verification process, you will receive an Application Reference Number (ARN) via mobile or email

   5. Part B - You can now fill the application using the ARN. The documents that you will need in this step include:

      1. Photographs

      2. Constitution of taxpayer

      3. Proof(s) of the location of the business

      4. Bank account details

      5. Authorization form

   6. In the next step, you have to provide all the information and upload the required documents in the application and submit the application using DSC or Aadhaar OTP.

Once you have submitted part B, the GST Officer will verify your application within 3 days. After verification, the officer can either approve your application, in which case you will receive your Certificate of Registration (Form GST REG 06), or the officer may ask for more information using the Form GST-REG-03.

The additional information has to be provided within 7 working days. Once you have provided the details, the officer has the right to reject the application, stating the reason in Form GST-REG-05. If the details provided by you to the GST officer seem genuine, then the application will be processed and you will get a Certificate of Registration.

Benefits of getting a GSTIN

1. A person who has GSTIN can take input credit on his purchases and input services.

2. You will become more competitive than smaller businesses because purchasing from them will ensure input credit.

3. Legal recognition of a business entity as a supplier of goods or services. This, in turn, will help attract more customers and grow the business.

4. There will be no restriction on interstate sales (this will be treated as contingent taxable persons). Thus, the potential market for SMEs reaches the next level

5. GST registration will ensure that your business is compliant (as most returns are automated). This will improve your firm's GST rating and help boost business.

6. You can either register on e-commerce sites or open your eCommerce website. This will re-expand the scope of business for a registered person.

Disclaimer: This article is intended for general consumption only. The information in the article was accurate at the time of publication, but it is subject to change due to changes in government rules and regulations. The contents of the blog may not be copied unless prior permission is obtained.

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