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Meaning of GSTIN, TAN, PAN, DSC and DIN

July 16th, 2019 in Finance & Accounts

When a person starts his own business he starts to hear new technical jargons such as GSTIN, TAN, PAN, DSC and DIN. So it is important for the entrepreneur to know the meaning of these words. Here is the list of these technical jargons along with their meaning:

GSTIN, TAN, PAN, DSC and DIN

1. Goods and Services Tax Identification Number – GSTIN

GSTIN is an abbreviated form of Goods and Services Tax Identification Number that is allotted by Goods and Service Tax Network after applying for the GST registration. GSTIN is a fifteen digit alphanumeric code that acts as your business legal identity with the Indian government. In order to obtain GSTIN, the applicant can either use GST Portal or GST Suvidha Kendra (GSK).

2. Tax Deduction and Collection Account Number – TAN

TAN (Tax Deduction and Collection Account Number) is a 10 digit alphanumeric code that shall be obtained by the person who is supposed to collect or deduct tax. For business deducting tax at source, it is important for them to obtain TAN as it needs to be mentioned in TDS or TCS return. In addition to this, once the business obtains Tax Deduction and Collection Account Number then they are required to file TDS returns quarterly.

3. Permanent Account Number – PAN

PAN or Permanent Account Number is a 10 digit alphanumeric unique identification number that is issued by the Income Tax Department. PAN Card helps the government to track all the financial transactions of the PAN card holder so as to know if there is any taxable component involved. Moreover, PAN is also used for other transactions such as depositing cash where the value of such deposit is more than or equal to 50,000 INR, applying for a loan and so forth. Further, the PAN card can also be used as an Identification card by the PAN card holder.

4. Digital Signature Certificate – DSC

DSC is an abbreviated form of Digital Signature Certificate that is an electronic format of a physical certificate. A DSC acts as an ID proof of a person who wants to e-file GST Returns or Income Tax Returns. In India, DSCs are issued by the authorized agencies such as e-MUDHRA, National Informatics Center (NIC), safe crypt etc. There are three different classes of DSCs, out of which Class 2 DSC and Class 3 DSC are most popular, where;

i) Class 1 DSCs helps in confirming if the person has a name and e-mail ID in the database of issuing authority.

ii) Class 2 DSCs helps in filing GST Returns, ITRs and registering a company with ROC.

iii) Class 3 DSCs are used at the time of participating in e-tenders.

5. Director Identification Number – DIN

Director identification number (DIN) is an 8 digit unique code that shall be obtained by every existing Director or a prospective director of the company. DIN has all the personal details regarding the DIN holder and it can be used by him/her for “n” of times until it is surrendered. Any person including foreign citizen can apply for DIN and in order to do that he/she needs to submit ID proof and address proof.  Similarly, in order to register LLP in India, the person must have DPIN or Designated Partner Identification Number.

 

 

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