While the previous system of taxation provided every business with a TIN, in case of GST, it is known as GST Identification Number or GSTIN. Assigned by the Central Board of Excise and Custom (CBEC), this is a 15-digit number, which has the following structure –
With GST becoming compulsory for businesses, it is vital for entrepreneurs to learn the importance as well as the online verification procedure for this number.
The importance of this identification number is discussed over the list below –
While it is vital to note the importance of the GST Identification Number, it is also important to note the ways in which GST impacts businesses. Additionally, as per Rule 18 of Central Goods and Services Tax (CGST) Rules, 2017, it is mandatory for registered businesses to display their GST Identification Number outside their primary and additional places of business.
If a business is registered, all related details like name, state jurisdiction, centre jurisdiction, taxpayer type, the constitution of business, date of respiration, etc. of that venture will be displayed guaranteeing authenticity.
Verification procedure of this identification number is explained in the steps below –
Businesses eligible to pay tax can avail the identification number by quickly registering for GST online.
Small business owners can also register for the composition scheme, which allows tax payment at flat rates. Especially offered for small business owners, this scheme enables manufacturers and traders to pay a GST of 1% and restaurants that don’t serve alcohol, 5%.
The 32nd GST Council also enabled service providers to enrol under the GST composition scheme and pay a flat rate GST of 6%.
Existing enterprises that are registered for GST can improve their eligibility while availing a loan to enhance their business. There are several types of business loans which are offered by different financial institutions.
Reputed financial institutions like Bajaj Finserv also bring pre-approved offers, which make loan applications not just convenient but also very fast. Such offers are provided on a list of financial products, including business loans, personal loans, etc.
It is advisable for entrepreneurs to check the registration of other businesses using their GSTIN before commencing a deal. Effectively, this can help in preventing any fraudulent activity that can hamper their business.
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