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GST or Goods & Services Tax came into effect on 1st July 2017. Goods and Services Tax is a revenue system in which destination-based tax is to be levied. It is a multi-stage tax imposed if there is some kind of value addition to the commodity. It is usually carried out at the time of the supply and transport of goods and services.
Since the introduction of the GST, a total of 17 state and central taxes have been subsumed into a singular GST system. GST has made it possible for India to become a single market where the commodity would cost the same across the world, regardless of national borders. Entities that register under the GST System are given a unique 15-digit identification number called the GSTIN. It is similar to the previous TIN Number.
About GSTIN: Single Tax Identification Number
GSTIN, short for Goods and Services Tax Identification Number is a unique 15-digit identification number assigned to each taxpayer, primarily dealers and suppliers or other business entities registered under the GST regime.
Getting GSTIN and registering for GST is completely free of charge. Before the introduction of GST, all dealers registered under the state VAT legislation were issued a unique TIN number by the respective state tax authorities; GSTIN replaced the same one. Business entities registered under the GST are now provided with a unique identification number known as the GSTIN.
The GSTIN is based on the State and the PAN number of the applicant. It looks something like this:
Part 1: This number corresponds to the State that the entity is present in
Part 2: These numbers correspond to the PAN number of the applicant
Part 3: This is the number of registrations done by the applicant within the state
Part 4: This is a default digit and is always kept at Z
Part 5: This is the check code to detect errors. It could either be a number or an alphabet
This is the basic format of a GSTIN Number.
As stated earlier, registering for GST and obtaining your GSTIN is free of cost. You can conveniently register for GST on the online GST Portal. Here are the steps to follow:
You generally require the following documents while applying for the GSTIN:
You can also register for GSTIN directly at your closest GST Seva Kendra. The government has set up a plethora of support centres or "Seva Kendras'' to promote anything pertaining to GST and to make it simpler for taxpayers. The government has set up the Seva Kendras to encourage the relocation of many taxpayers to the GST. It is largely beneficial for taxpayer individuals who do not have access to, or have no idea how to make use of the online GST portal.
Once you receive your GSTIN, it is prudent to verify that all your details have been entered correctly against your account. This prevents any issues in the future. Also, many fraudulent firms offer GST Registration for gullible firms and give them fake GSTIN. So, one should verify and validate their GSTIN on the GST Portal to avoid any future problems. Here is how you can do it
GST brings all the business entities in the country under a single umbrella to facilitate a transparent tax regime. It also gives the following benefits to the businesses and its owners;
1. How many digits is the GSTIN?
GSTIN, short for Goods and Services Tax Identification Number is a unique 15-digit identification number assigned to each taxpayer. The GSTIN is based on the State and the PAN number of the applicant.
2. How important is GSTIN for a business?
GSTIN is issued to all business entities that register under GST. With the new GST format across the country, all business entities should register for GST and get their GSTIN to avail the various benefits and schemes introduced by the government.
3. Are there any charges to register for GST or apply for the GSTIN?
No, there are absolutely no charges for registering under GST and getting your unique GSTIN.
4. Where can I apply for the GSTIN?
You can apply for a GSTIN through two channels –
5. Why should I verify my GSTIN once I receive it?
You should verify your GSTIN as soon as you receive it to ensure that all your particulars are entered correctly on the system. Also, it ensures that there are no fraudulent GSTINs in the system.
6. Who can apply for GST registration and the GSTIN number?
7. How long does it take to get your GSTIN number?
The application procedure is very simple and can be done online. Once you have filled the form, uploaded the documents and submitted the application, the office will verify and assign the GSTIN number to you. It might take about 3-5 days to complete the entire process.
8. What are the documents required to apply for a GSTIN?
You generally require the following documents while applying for the GSTIN. These documents have to be scanned and uploaded while submitting the application:
Goods And Services Tax
GST Act And Rules
GST Composition Scheme
GST E Way Bill
GST Invoice Format And Rules
GST Offline Tools
GST On Cars
GST On Food
GST On Gold
GST On Medicines
GST On Real Estate
GST On Transport
GST Payments And GST Refunds
GST Registration Process
GST Return Forms
How To Use A Digital Signature
Input Tax Credit Under GST
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