The GST or the goods and services tax identification number is an exclusive 15-digit alphanumeric code assigned to an individual or business entity registered for paying the GST in India.
Every business inside the liability tax bracket should get a GST identification number in order to perform business operations in India within the legal framework.
A GSTIN number includes a 2-digit state code to start with, specific to the state where business is registered, per the Indian Census 2011 The two-digit code is followed by the businesses 10-digit PAN. The next digit is the number of registrations you have in the state with the same PAN. The 14th digital is a default Z followed by a checksum code to check for errors.
One can get the GST identification number either by registering your business on the official portal of GST online or by visiting a GST Seva Kendra near you.
Getting a GST identification number is a two-stage verification process as follow:
• Upon registration on the Goods and Services Tax Network portal, business is given a provisional GSTIN (GST identification number).
• The business entity has to log on to the GSTN portal and provide details of its business, such as the main place of business, additional place of business, directors and bank account details.
GST registration necessitates having the GST identification number and is critical as it will enable businesses to avail numerous benefits under the GST regime. Per to government data, of the 83.50 lakh excise, service tax and VAT assesses; 65.6 lakh have already registered on the GSTN portal. On the flip side of this 65.6 lakh business registered, around 13 lakh entities are yet to complete the second stage of the registration process.
Additional read: A Step by Step Guide on How to Get GST Identification Number