If you are a businessman, you must be aware of the importance of Goods and Services Tax, popularly known as GST. The tax has replaced various other taxes across the country, such as the infamous VAT, excise duty, services tax and more. It is mandatory to pay tax if you own a business and have a turnover of more than INR 5,00,000.
Once you register for GST, you will receive a 15-digit unique GST identification number (GSTIN). You can also initiate or check your GSTIN verification with your GST number. In this blog, we are going to discuss how to initiate a GST number search to help you check your GST status and pay your taxes on time. Read ahead to find out.
Importance of GST Number
The GSTIN number is allocated to all businesses such as manufacturing, service providers, dealers and such. Before filing for GST returns, it is necessary that you need to conduct the verification of your GST. You can conduct this verification using a GST verification tool. Here are some of the key importance of the GST number-
- The GST paid on the purchase of services or goods are known as Input Tax Credit (ITC). To avail of the ITC, it is mandatory to have GSTIN, so you need to conduct a GST number search.
- Once you register for GST, it is mandatory to have the GST number
- To file GST return under various GST acts such as GSTR-3A, 3, 9 and others, it is necessary to have the GSTIN number.
- To file refunds under the GST act on services and goods, you need to have GSTIN.
- On your tax invoice, credit note and such, it is mandatory to mention your GSTIN number.
GSTIN Number Format Explained
This 15-digit number is a unique identification number and holds different elements. The first two digits of the GST number are the state code from which the business operates. After the state code, the next ten digits are based on the Permanent Account Number (PAN). The thirteenth number is given on the basis of the registrations in that particular state. The Z is given by default, and the last digit can either be the number or the alphabet and is a check code.
How to Conduct GST Number Search
Replacement of the Tax Identification Number (TIN), the GST number has various advantages, which is why it is essential to conduct a GST number search. Here’s why you should conduct a GST number search-
- It will help in verifying your GST number before you submit it
- Save from fraud in business
- Can check the business authenticity before making a payment or extending the partnership
- Easier to identify errors in your GST number
Here we are going to tell you how to conduct the GST number search using the example of Razorpay’s GST Number Search & Verification Tool. But first, let’s find out how to get your GSTIN-
- Visit the official portal of the GST
- Now click on the Search Taxpayer option
- Now click on the Search by PAN option
- Enter the dealer’s PAN number and captcha
- Click on search, and your details will be displayed on the screen.
Now, note it down to conduct your GST number search verification-
Step 1- Visit the website of Razorpay.
Step 2- Click on resources in the top right corner
Step 3- Now select the GST number search option
Step 4- Enter the GSTIN you want to check
Now the screen will display all the details related to the GST number you have entered. You can check the business’ authenticity and verify the authority.
If you also want to conduct a GST number search, Razorpay’s verification tool is the best option you can rely on. The payment solution company provides the tool free of cost and is extremely easy to use. Easily check the details before you make a payment to save yourself from fraud.