GST and PAN numbers are not the same. GST number is based on the PAN number of the business, but it also includes the state code, entity code and checksum digit. PAN number is a 10-digit alphanumeric number issued by the Income Tax Department to identify taxpayers. 5. How do I file ...
If the store location and the place of supply (that is, the customer address) are in the same state, the transaction is an intrastate sale, and Central GST (CGST) and State GST (SGST) must be paid. If the store location and the place of supply are in different states, the ...
In such situations, Accounts Payable Automation is the need of the hour. And to guide you through the same, we have also published an article on the how GST and AP Automation can revolutionize your business in 7 transformative ways. You can click on the link to read more. Since GST ...
GST Number or GSTIN is a 15 digit alphanumeric unique number given to each taxpayer registers under GST in India. The very first 2 digit of the GST number represents A State in which the taxpayer is registered. The Next 10 letters is the PAN number of the taxpayer or the company. The...
Note: VAT is charged on sales in intrastate (within the same state). The Central Sales Tax is only charged if the goods are sold to a state other than Punjab (for example, Maharashtra to Punjab). In each state, VAT was collected by the government. Before GST, the Central Government col...
2. Uniformity in tax rates: State-by-state variations in VAT rates led to market fragmentation, where various states imposed different taxes on the same goods. GST standardized tax rates throughout the country and made pricing and compliance easier. It simplified interstate businesses and eliminated...
Most countries with a GST have a single unified GST system, which means that a single tax rate is applied throughout the country. A country with a unified GST platform merges central taxes (e.g., sales tax, excise duty tax, and service tax) with state-level taxes (e.g., entertainment...
The four different types of GST tax in India are: CGST: Central Goods and Services Tax SGST: State Goods and Services Tax UTGST: Union Territory Goods and Services Tax and IGST: Integrated Goods and Services Tax Is GST applicable for export of services? Under the GST regime, exports of...
Vendors: Define state GST type registration numbers for vendors. Customers: Define state GST type registration numbers for customers. For more information, see Create a GSTIN master. Set up GST reference number groups. GST transactions are differentiated through a unique number sequence. If different...
1st 2 digits: This is the state code as per the Indian Census 2011, as given below: Next 10 digits:This is the PAN of the business entity. 13th digit: This denotes the serial number of registrations the business entity has for business verticals in the state, under the same PAN. It ...