What is the full form of TIN in GST?
The TIN Full Form in GST is Taxpayer Identification Number. In India’s indirect tax system, the term “Taxpayer Identification Number” (TIN) might have created a bit of a fuss. While it played a quite handy role in the past, the Goods and Services Tax regime introduced a new identification system. Let’s get the nitty-gritty of TINs and see how GSTIN has taken its place.
The Legacy of TINs
India utilized VAT before GST in 2017. VAT-registered businesses got 11-digit TINs from each state. Tax authorities tracked VAT-registered enterprises using this alphanumeric identity. Businesses must provide their TIN on invoices and tax filings.
GSTIN is State-based GST, a nationwide indirect tax, replaced VATs. This rendered TINs obsolete. GST created the universal ID GSTIN. This 15-digit number identifies GST-registered businesses. By simplifying tax administration nationally, enterprises may file returns and get input tax credits.
GSTIN: Gateway Compliance
GSTINs are required for businesses with above a certain income or interstate sales. GST returns require businesses to declare purchases, sales, tax liabilities, and input tax credits. GSTINs are needed to file GST returns online. There are businesses that resale goods and services may claim GST credit. The GSTIN is needed to claim this credit and minimize their tax bill. All taxable supplies need GST invoices. Supplier and recipient GSTINs must be on this invoice.