GST registered firms must geocode their addresses
- July 8, 2023
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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GST registered firms must geocode their addresses
Subject : Governance
Concept :
- Amid concerns over fake registrations and fraudulent availment of input tax credit under the Goods and Services Tax (GST) regime, the GST Network (GSTN) on Friday made the geocoding functionality live for all states and union territories.
- Geocoding, which converts an address or description of a location into geographic coordinates, has been introduced to ensure the accuracy of address details in GSTN records and streamline the address location and verification process, it said in an update posted on its portal.
- GST Network has already geocoded 1.8 crore principal places of businesses. The functionality is available for normal, composition, SEZ units, SEZ developers, input service distributor and casual taxpayers who are active, cancelled, and suspended.
- The GSTN said submission of geocoding will be a one-time activity.
About GST Network:
- The GST Network(GSTN) is a non-profit organization.
- It has been established to manage the entire IT system of the GST portal.
- This portal is used by the government to track every financial transaction and it also provides taxpayers with all services from registration to filing taxes and maintaining all tax details.
- The GSTN was initially held by the Central Government with 24.5% of shares while the state government held 24.5%.The remaining 51% were held by non-Government financial institutions.
- However, later it was made a wholly owned government company having equal shares of state and central government.