In this post, you will get GSTN Full Form, what is GSTN Meaning, how GSTN works, what are the benefits of GSTN. I will give full details.
What is GSTN Full Form in GST?
GSTN Full Form = Goods and Services Tax Network
As you all know that the full form of GSTN is Goods and Services Tax Network and GSTN is called Goods and Services Tax System in English.
GSTN is a not-for-profit non-government company. It provides IT infrastructure and services to both the central and state governments, including taxpayers and other stakeholders. Final services from registration to all taxpayers, returns and payments will be provided by GSTN. This means that it acts as an interface between the government and the taxpayers.
What is the working of GSTN?
The system of GSTN is one of a kind and complex IT initiative. What makes it unique is that it seeks for the first time to establish a common interface for the taxpayer and a common and shared IT infrastructure between the Center and the States.
Talking about the GSTN working system, the private has 51% stake in GSTN and the rest is with the government. Out of which the percentage equally divided between the central and state governments is 49%, and the rest is with private banks.
GSTN has also been approved for non-recurring grant of Rs. This huge and complex technical backend development was taken over by Infosys and in September 2015.
What are the features of GSTN?
The GST Network has been recognized as a reliable National Information Utility (NIU). It mainly means that the network is in charge of providing reliable, robust as well as seamless IT infrastructure and information.
Ownership of GSTN Full Form ?
It is partly owned by the central government (49%) and the rest private (51%) which includes banks and financial institutions.
GSTN’s robust structure and complex operations:-
The basic function of GSTN is to help taxpayers to register themselves, make tax payments and claim GST returns to generate business analysis among others. In addition, the network is also responsible for calculation and settlement of Integrated GST (IGST) with Input Tax Credit (ITC). GST Network is thus focused on providing holistic solutions to difficult solutions.
GSTN Information Security:
A larger share of the GST network is owned by the central government than any other individual. Therefore, the bulk of the responsibility for confidentiality as well as protection of the information provided by the taxpayers rests on the central government’s special resolution mechanisms, networks and agreements entered into between other state governments.
Payment of GSTN Full Form:
The GST Network has provided taxpayers with payment options both online and offline.
Online: Online payment can be availed through Internet Banking. RBI has allotted certain banks with the right to collect payments made in favor of GST for the same purpose. The taxpayer has to make the payment by selecting from the list of agency banks authorized by RBI to collect the tax. Once selected, the taxpayer has to login to the online portal of the concerned bank and make the payment and download the challan generated for the said payment of GST.
Offline: Taxpayers can also pay through offline modes. The government has also made a provision for offline payment of GST through over the counter payment. You can directly go to the concerned bank to pay the GST. The bank will inform the RBI as well as the GST portal to update all relevant details.
GSTN Payment Expenses ?
The user fee will be paid only by the Central Government and the State Governments in equal ratio of 50:50 on behalf of all the users. The state’s share would then be divided among the individual states according to the number of taxpayers in the state.
What is the Functions of GSTN?
The GST Network is basically the IT ecosystem for the taxpayers, and thus creates a channel of online communication for the government and business taxpayers.
Registration of GST ?
The GST Network is an online portal that creates an interface between the taxpayer who has registered GST under the new taxation laws and the government. The GSTN issues a GST identification number to the taxpayer concerned and after the registration is verified, records the information with the concerned tax authorities.
Going deeper, the GST Network basically combines and corrects purchase invoices with sales invoices to check mismatches so that taxpayers can avail of invoicing.
GST Invoice Reconciliation ?
The GST Network basically links and corrects purchase invoices with sales invoices to check mismatches so that taxpayers can avail input tax credit.
GST Return Filing: GST Return Filing:-
The services of GSTN include processing and forwarding of returns to both central and state tax authorities. The best and unique thing about GSTN is a unified common return filing for all types of GST i.e. SGST (State GST), CGST (Central GST), IGST (Integrated GST). This, in turn, has eliminated the need for filing multiple returns.
Taxpayer Profile Analysis:-
When a taxpayer wants to register for GST, all the particular details of the taxpayer are verified, and then it is submitted for approval to the tax authorities of the Central as well as the State Government.
Duties of GSTN:-
Apart from basic tax filing and management of tax returns, GSTN has a few more responsibilities that come with managing taxation, these are as follows:
IGST (Integrated GST) is to be calculated and settled.
The banking network (agency bank) is to be integrated with the tax payment details.
To calculate the input tax credit.
The government has to submit the MIS report.
How to apply for GSTN ?
To apply for GSTN, first and foremost, you need a valid mobile number, email address and a PAN for the business concerned. You can follow the given steps to register:
For more information and to register yourself, log on to the official website.
Official GST Website – GSTN