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GSTN – Goods and Service Tax Network

What is GSTN?

A GSTN, also known as a Goods and Services Tax Identification Number (GSTIN), is a unique identifier assigned to a company or person who is licensed under the GST Act. Tax authorities use GSTIN to keep track of GST dues and fees for those who have enrolled under the GST Act. The GST Number replaces previous taxpayer recognition schemes such as the TIN (Tax Identification Number), which state taxing agencies used to monitor state tax documents such as VAT. Businesses that were previously registered using TIN systems were immediately transferred to the GSTIN system and assigned a new GST code.

GSTN features

  • National Information Service 

The GST System has long been regarded as a reliable national information resource. This essentially means that the network is in charge of delivering a dependable, strong, and smooth IT technology and data transmission.

  • Proprietary rights

It is partly owned by the central government (49%) and partly owned by private players (51%) including banks and financial institutions.

  • Complex Operations and a Robust Infrastructure

GSTN’s primary purpose is to assist taxpayers in registering, paying taxes, and claiming GST refunds to produce market analytics, among other things. In addition, the system is in charge of estimating and resolving the Integrated GST (IGST) and Input Tax Credit (ITC). As a result, the GST network focuses on providing holistic solutions to complex and comprehensive taxation issues.

  • Information security

In comparison to any other independent player, the central government owns a large portion of the GST network. As a result, the taxpayers bear a large portion of the obligation for the secrecy and protection of the information they supply. The structure of the council, special resolutions process, shareholder arrangement, and arrangements between the network and other state governments would all be handled by the federal government.

  • Payment

The GST network has made it possible for taxpayers to pay using both online and offline means.

What are the functions of GSTN?

  • Facilitate registration
  • IGST computation and settlement
  • Prepare tax returns and report them to the federal and state governments.
  • Integrate a financial network with information about tax payments.
  • Examine the taxpayer’s profile.
  • Control the input tax credit calculation system.
  • Governments should receive MIS reports.

How to get a GSTN number?

Step 1: Tap the ‘Register Now’ button under ‘Taxpayers (Normal)’ on the GST portal.

Step 2: The first half of the GST registration procedure is completed in this manner. Select ‘Taxpayer’ from the drop-down menu that appears under ‘I am a’ when you click on ‘New Registration.’ Then choose the state and district that you require. Together with your telephone number and email address, insert the company name and related PAN. On your registered mobile number, an OTP will be sent to you.

Step 3: Type your password and click “Continue” if you get an OTP.

Step 4: A TRN is sent to your phone number and e-mail address that you are registered with.

Step 5: Return to the homepage of the GST and press the button “Register Now.”

Step 6: Choose the TRN alternative and enter your TRN and the captcha code given. Tap on ‘Proceed.’ You will receive an OTP on your smartphone registered number. Specify the OTP and press “Proceed.”

Step 7: The application is presented with a description. Make sure you pick the Edit Icon.

Step 8: This is the second step in the registration process for a GST number. Fill in the relevant information and upload the documentation mentioned below.

  • Constitutional proof
  • a document proving the company’s location
  • Photographs to prove your identity
  • Information about your bank account
  • Your form of authorization

Step 9: Need to go to the validation page, validate and affirm your declaration and then apply your proposal using one of the following methods:

  • E-signature: In India, E-Sign is an electronic portal for signing a certificate by electronic means for Aadhar’s card members. 
  • E-Sign. Your authorized mobile phone number will receive an OTP.
  • Using the code for electronic checks (EVC): An OTP is sent to your registered telephone number.
  • DSC (Digital Signature Certificate): DSC is a must for companies and LLP

Step 10: You’ll get a response confirming that the validation was accurate. Your Application Reference Number (ARN) will be sent to the email address and phone number you provided during registration.

Step 11: You should be issued a special GSTN number for your company after the request has been accepted by the GST official. An email, as well as an SMS, should be sent to you informing you of all this. You’ll also get a temporary username and password to use. Once you’ve done that, go to the First-time login and generate a user id and password for yourself. GSTN full form is the Goods and services tax number.

GSTN comes under which act

The Constitution (One Hundred and First Amendment) Act, 2016, established a national Goods and Services Tax (GST) in India, which took effect on July 1, 2017. This is the Constitution of India’s One Hundred and First Amendment.

GST Caters to 

  • Simple Tax Structure

Currently, there are a large number of taxes to be paid by users, and GST makes it easy to grasp a single levy. For companies, financial complexity can minimize and reduce reporting, save time and resources. GST is expected to raise GDP by 2%-2.5%.

  • Increased tax revenues

Simple structures of taxation would lead to more taxpayers and income for the government.

  • Concurring pricing

What GST is going to do? Well, all other secondary taxes will be eliminated, and this will lead to a reduction in tax payments from end-users (consumers). As in the Economy, prices are lower, demand for the commodity will be higher and the products will be consumed more freely.

  • Improvement of exports

If the Indian market is price stable, more and more foreign companies will want to join the market, resulting in more exporters and advantages to the Indian market. In the absence of a tax rate, but GST is more needed in countries where the mechanism of taxation is lacking in clarity and complexity.

myBillBook and GST 

Everyone thinks a question……”Do we have to pay tax at various rates and different levels? Does this not have a solution? 

Yes, GST implementation is the solution to this. 

The cascade impact of different taxes on sales/manufacture/buy is removed by GST. 

Products hit consumers at a very high rate relative to production, so with GST, only one tax can be applied and the cost to pay will be reduced.

Install the myBillBook app and you can quickly generate GST invoices and continue your small business in a hassle-free manner 

Q. Does GSTN Portal keep the return and registration information provided by the taxpayer confidential?

Ans. Yes, GSTN does whatever it can to ensure that personal and company data supplied by taxpayers remain confidential on the GST Common Portal. This is achieved by Role-Based Access Control (RBAC) and the encryption of taxpayers’ sensitive data, both during transit and in storage. The data can be used and read-only by the approved tax authorities.

Q. Can GSTIN be searched by name?

Ans. No, the GSTN Search is not possible by name and therefore no other resources can also be used. You will get GSTN on from the PAN number.

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