How Does GSTIN Number Search Help Your Business?
The government of India enforced the goods and services tax act on July 1, 2017; this act has been a great way to formularise and organise the administration of various businesses. Before implementing the GST act, all businesses were provided with a unique TIN number under the Value added tax (VAT) law. However, under the GST regime, things became much more streamlined since all registered taxpayers were consolidated in a single platform for administration purposes.
With the GST act, every business will be assigned a unique 15-digit GSTIN number, popularly known as the GSTIN number. In this blog, we will explain how GSTIN number search can help your business.
Understand The Structure of The GSTIN Number
Before we explain how GSTIN number search is beneficial to your business, it is crucial to understand the basic structure of a GSTIN number. It is a unique number assigned to each taxpayer. This number is created state-wise, and it is PAN-based. The first two digits of your 15-digit long GSTIN number represent your state code. For e.g., 09 is the state code of Uttar Pradesh, and for Delhi, the code is 07. The next ten digits are the business owner’s or business house’s PAN number. After this, the 13th digit is assigned based on the number of registrations for a particular state. In this sequence, the fourteenth digit is ‘Z’ by default. Finally, the last digit is the check code.
The Significance of GSTIN Number
GSTIN number is critical for businesses to avail of countless benefits under the GST regime. It has become mandatory for businesses with a turnover of more than twenty lakh per annum to register for GSTIN. Another benefit of GSTIN is that you can verify any other GSTIN number search using the search tool online on the official website. Online GSTIN number search helps vendors check for authenticity, prevents fraudulent activities, and allows easy verification. Let’s look at some more benefits of GSTIN number for businesses:
– A GSTIN gives you the identity of a business or a supplier of goods and services. Businesses which stay transparent and pay their taxes on time are more likely to stay credible and attract customers.
– The biggest advantage of a GSTIN is its ability to simplify the entire cumbersome process of the input tax credit. Moreover, businesses can even avail of income tax returns under GSTIN when they pay taxes consistently.
– In order to perform business trade through interstate borders, it is crucial for businesses to register for a GSTIN. Moreover, GSTIN is required for the online sale of products through E-commerce.
– Stating your GST number correctly makes a significant difference in ensuring that the proper input tax credit is assigned. You must also include the GSTIN of the vendors and other customers in your invoices.
Why Is It Crucial to Verify the GST Number?
A GSTIN number search is required to verify your business’s GSTIN number. Here are some of the advantages of a GSTIN number search:
– A GSTIN number search can help in determining the validity of the GSTIN as well as find details of the business in a few effortless steps.
– A GSTIN number search checks for various common errors.
– Moreover, a GSTIN search number helps avoid fraud at the transaction origin.
Registering for GSTIN number has become a necessity for businesses. It helps small business vendors avoid lengthy taxation services. Moreover, GSTIN number search allows consumers to find your business through simple steps online. If you are looking for the perfect GSTIN number search tool, then Razorpay is here to fulfil your business requirement. Our GSTIN number search tool is a wonderful way to verify the authenticity of your GSTIN number. The best part is that our tool is a free-of-cost online tool that helps you find any registered business details and much more.