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All you need to know about GST Registration Number
What is GST?
GST stands for Goods and Services Tax. It is a value added tax imposed on most goods and services sold for domestic consumption. GST is a comprehensive indirect tax that has been introduced in many countries to replace various taxes such as sales tax, VAT, excise duty, etc., simplifying the taxation process and reducing complexity. It is designed to be a more transparent and efficient tax system applicable at every stage of the supply chain, from production to the final consumer.
Permanent Account Number (PAN) is a ten-digit alphanumeric number, for eg. AAAAA0000A, issued in the form of a laminated card, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allows the number without an application.
PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.You may get in touch with our compliance manager on 7996499599 or email info@mrcleartax.com for free consultation.
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