We often ask ourselves how we can gather information about companies, and their products. We do this to further improve our knowledge and gain experience in specific areas of our activity.
And the GST or Goods And Services Tax is a way through which it is easier to gather such data. If you continue reading, you will learn more about it, and about an API that will help you with this job.
What is the GST?
The Goods and Services Tax (GST) is a national value added tax that replaced a variety of existing federal and state indirect taxes on goods and services in India in 2017. It aims to increase the country’s competitiveness by reducing the amount of tax that businesses pay on their inputs, which in turn reduces the cost of production and ultimately benefits consumers. The GST is a revolutionary taxation system that has been developed over time to increase tax efficiency and lower any tax avoidance, optimizing profits for the government. It is a uniform tax that is paid by businesses on all goods and services, both domestic and imported, across India once. It therefore provides a unique advantage over other taxes such as VAT or duties, which are charged multiple times across the production chain. But also allows to simplify calculations by removing exemptions, rebates and other complex deductions. These are already included in the base rate of tax. This leads us to the last but not least feature; that is to simplify taxation. Through this system, taxes are collected at different rates (0%, 3%, 5%, 12% and 28%) depending on the type of good or service, with most products subject to the standard rate of 18%. Every time a product crosses a state border, another set of taxes will be applied to it at the destination state level. When you buy products from different businesses, you pay taxes for several transactions at once. It also represents a significant improvement in terms of tax simplicity for business as well as for compliance because it replaces the many local taxes with a single tax applied at each stage of the supply chain rather than at each transaction point.
GST Number Search API The Goods and Services Tax API allows you to search for information about individual companies based on their GST Numbers. This is how you get access to all kinds of information based on these specific numeric codes. The API will look into government databases in order to retrieve all of the data that is stored there about each company; including names, physical addresses, industries associated with
This API will help you to retrieve company data based on its GST Identification Number.
To make use of it, you must first:
1- Go to GSTIN Lookup India API and simply click on the button “Subscribe for free” to start using the API.
2- After signing up in Zyla API Hub, you’ll be given your personal API key. Using this one-of-a-kind combination of numbers and letters, you’ll be able to use, connect, and manage APIs!
3- Employ the different API endpoints depending on what you are looking for.
4- Once you meet your needed endpoint, make the API call by pressing the button “run” and see the results on your screen.
