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Difference between TIN TAN and VAT

Difference between TIN TAN and VAT

Entrepreneurs starting a new business begin to hear new three letter words like TIN, TAN, VAT, PAN, DSC and DIN. Knowing the differences and meaning of these three letter words is important for any Entrepreneur or Business Owner. In this article, we explain the differences and the meaning of TIN, TAN, VAT, PAN and DIN.

Tax Payer Identification Number- TIN or VAT

TIN Number is expanded as Tax Payer Identification Number and is also know as VAT Number or CST Number or Sales Tax Number. TIN is a unique number that’s allotted by the Commercial Tax Department of each State Government. TIN is an eleven digit number and it is mandatory to mention this number on all VAT related transactions. TIN number is used to identify dealers who are registered under VAT and it is also used for interstate sales done between two or more states.

TIN number or VAT registration is a must for businesses selling goods or products like manufactures, exporters, shopkeepers, dealers, ecommerce sellers selling goods, etc.,

Tax Deduction and Collection Account Number – TAN

TAN stands for Tax Deduction and Collection Account Number. It is a ten digit alphanumeric number thats allotted to those who are supposed to deduct tax at source or TDS. TAN number or TAN registration is very important for businesses deducting tax at source and is required to be quoted in TDS or TCS return. Failure to apply TAN when required can attract a penalty. Once TAN is obtained, TDS returns must be filed quarterly by the business.

Difference between TIN TAN and VAT

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