On 1st July 2017, the Indian government implemented GST, short for Goods and Services Tax, in order to simplify and streamline the country’s tax structure. The primary motive of this implementation was to bring the idea of ‘one nation, one tax, and one market’ into practice. As a result, GST replaced numerous federal and state-levied taxes like VAT, excise, and service taxes.
Consequently, a significant identifier for businesses in this era is their Goods and Services Identification Number, popularly known as GSTIN. That is to say, businesses are required to register for GST and receive a 15-digit GSTIN. Therefore, GSTIN verification or GST number check is important to ensure that the GST is in the right hands.
This is because, today, so many fake GST identification numbers have started being circulated. As a result, multiple offences related to the GST have risen to a new high with each passing day. Therefore, in order to protect both business entities as well as consumers, authentic platforms are present online for GSTIN verification.
In this blog, we will discuss in detail various things you should know about GST verification. So, without further delay, let us begin.
What is GST?
The premise of GST is, again, ‘one nation, one tax, and one market.’ As a result, GST is considered one of the greatest economic reforms our country has experienced in this century.
In India, we have one direct tax, I.e., income tax. However, before 2017, there were numerous indirect taxes like VAT, CST, service tax, customs duty, central excise tax, entertainment tax, luxury tax, and more. On top of it, different states had different sets of laws regarding these taxes.
Keeping these issues in mind, the government adopted a simplified tax procedure, I.e., GST. So now, along with direct tax, we also have only one indirect tax, uniform to all the states in our country.
What is GST Number?
If understood, any company that has a turnover of more than 20 lakhs are required to register under GST and get a GST number, also known as GSTIN. It is a 15-digit identification number for every company registered under the GST.
A business can have multiple GST numbers linked to a single PAN. That is to say, a single person can hold multiple businesses within the country under one PAN number, but each business will have a different GSTIN.
Why Do You Need a GST Number?
There are multiple reasons why the GST number is mandatory for businesses in India. Let us glanc at a few of them:
- It confirms the authenticity of your business.
- During the generation of every invoice, the presence of the GST number facilitates input tax credit.
- Having a GSTIN lets you practice interstate trade without any restrictions.
- GST number is also necessary if you wish to create an E-commerce website for your business.
- If you are looking forward to acquiring loans to expand your business, the lender would ask for GSTIN.
GSTIN Verification
So many businesses have started using fake GST for tax evasion. They can print the fake GST number on their invoices. However, if you need to check the authenticity of a business, you can do the GSTIN verification with the help of numerous online tools. But keep in mind to only go for authentic platforms for trusted results.
Benefits of GSTIN Verification
The benefits of GSTIN verification using a trusted GST Search tool online are as follows:
- Help you check the legitimacy, along with other key details of the business.
- You can avoid fraud right at the origin of the transaction.
- In case the GST number on a handwritten invoice is unclear, the GST search tool also helps you verify that.
- Help you check for the errors in the GSTIN if any.
Now, which platform is legitimate for GSTIN verification? If you ask us, Razorpay offers the best GSTIN search tool free of cost. You must enter the GSTIN of the business or taxpayer simply, and it will offer you all the necessary business details, such as legal name, status, business type, and more.
So, what are you waiting for? Visit their website today to learn more!
