Goods and Service Tax gained much prominence amongst businesses from 1st July 2017. The idea of One Nation, One Tax was implemented. GST filing is done online and this is a major move towards digitalization in India. A structured network is formed to make the filing process smooth. This guide will help you understand the complete structure of GST Network in India
Goods and Service Tax Network (GSTN) is headed by its chairman Dr. Ajay Bhushan Pandey with Shri. Prakash Kumar as the CEO. The GSTN as the word suggests is the link between the taxpayer and the government. It is a platform or a portal which is a Private Limited Company and a non-profit and non-governmental organization. The Government of India holds 24.5% while the States in the Indian Union holds 24.5% share in GSTN which turns out the total governmental holdings to be 49% and 51% is owned by private players. GSTN was formed with the purpose of bridging the communications gap between the central & state governments and the taxpayers. It serves as a backbone to the IT structure. It is also the first common platform for all taxpayers with a shared IT infrastructure between the Central and State government. To pay taxes through GSTN, one should register himself on the Goods and Service Tax portal and get a GSTIN.
The GSTN portal is basically a window for the taxpayers and the government to interact. It is the front-end of the GST IT eco-system.
The entire process of GST filing is online. Hence, GSTN supports about 2+ billion invoices per month and also the returns preparation for 65+ Lakh taxpayers.
GSTIN i.e. Goods and Service Tax Identification Number is a unique identification given to all taxpayers post registration on the GST portal. It is a 15-digit alpha numeric ID based on a taxpayers Permanent Account Number. It also denotes the code of the state it is registered in, entity number in that particular state, alphabet ‘Z’ and a check code of a single number.
[ Read: Everything about GSTIN ]
GST network in India is a boost to go paperless. Hence, GST Registration online is made easy with the strong features and functions to provide a unique platform for all the taxpayers and the tax authorities. By enlisting the aid of the experts at earlyGST by H&R Block, we ensure your returns are prepared accurately with similar ease and within the due dates.