TIN stands for Tax-Payer Identification Number, It is unique number which is allotted by Commercial tax department of respective State.TIN number is used to identify dealers registered under VAT.TIN is applied for both sales done within a state or between two or more states
Who Needs TIN Number ?
TIN number registration is required for Manufacturers, Traders, ,Exporters and Dealers. When new registration is undertaken under VAT or Central Sales Tax a new TIN will be allotted under registration number. The TIN number should appear on all Quotations/Orders/Invoices by both Sending Company and Receiving Company.
Importance of TIN
Tin number is not only required for taxpayer but it is also important for government and to those people who are engaged in those services to TIN
It fulfills legal requirement of the country and helps to taxpayer to be identified legally and secure his business from municipal, Local Authorities etc.
This is vital during the acquisition of drivers‘ license, registration of motor vehicles, facilitation of single transaction activities like sale of land and fixed properties‘
It helps government to maintain database of all businesses which is very helpful for increasing stability of the economics of a country