Wondering if you need to verify your company’s Goods and Services Tax (GST) number? Well, the answer is yes, as this verification stands as your business GST proof.Today, GST has become crucial as it helps enterprises keep things simpler by filing unified returns instead of numerous ones. Moreover, it results in easier logistics, holds fewer tax returns and compliances, etc.
However, verifying your businesses GST number, also called the GSTIN, is essential to avail of such benefits. Once you register and receive the GSTIN, the verification will indicate your business as authentic.
What Is This GSTIN and Why Is It Important to Verify It?
The GSTIN (GST Identification Number) is a 15-digit unique number allotted based on your business’s PAN. Since GST has become a staple regulation for taxpayers today, it’s significance is undeniable. Besides, this GSTIN helps customers, other companies, and financial institutions check your credibility.
Business GST verification is crucial for all GST-registered organizations, whether small or large. Verified GSTINs create a two-way street, where you can prove your authenticity and also cross-check if the businesses you deal with are credible as well or not.
Significance in Availing Funds
Since GSTIN verification proves a company’s authenticity, it helps pave the way for business loan eligibility as well. While some lenders might check a company’s GSTIN to see if it’s credible or not, this is primarily important for smaller or medium enterprises to avail of schemes such as GST business financing. With a verified GSTIN, they can easily access such loans.
Additional Read: Advantages of GST Registration for Small Businesses and Start-Ups
Cross-Checking Business Details on the GST Portal
The GST portal houses all the details of any registered businesses, whether a dealer or supplier. Hence, it must have your company’s correct information for any lender, consumer, or other business to check. Verifying your GSTIN will help ensure this, as you can see if your company details have been accurately updated or not.
Hence, whether you’re applying for a business loan or are about to work with other suppliers or dealers, they can assure your credibility by checking out your up-to-date details on the portal.
Additional Read: Documents Required for GST Registration for Small Businesses
Claiming Input Tax Credits
Input tax refers to the taxes levied when you purchase services or goods. When reduced from your outward supplies’ (output) payable taxes, it results in the input tax credit (ICT). While this is quite effective, your business can miss out on claiming such ICT because of fake GST numbers, as many often manipulate GSTINs. Thus, verifying your GSTIN, you can remain legitimate and be eligible for claiming ICTs as well.
Clearly, GST verification is essential for smooth company operations. Moreover, if you’re already GST-verified and require financing, Tata Capital is here to help! We offer affordable business loan interest rates, quick disbursal, minimal documentation, and structured and flexible EMI plans.
Moreover, our unique business finance features include an online EMI calculator, extended loan tenures, collateral-free funds, etc. Want to know more? Visit our nearest branch, give us a call, or simply log on to our website today.