Cashfree Payments rolls out GSTIN Verification

Thursday 28 July 2022 09:48 CET | News

India-based banking solution company Cashfree Payments has launched a solution that helps businesses verify GSTIN of entities they work with.

Cashfree Payments’ GSTIN verification will enable businesses to verify the identity of vendors and partners in real time. This feature will verify the entered GSTIN number and provide a detailed response when the GSTIN is valid thereby reducing the chances of fraud.

GSTIN verification can be used by ecommerce marketplaces, B2B reselling companies, BFSI segments like business insurance providers and lending platforms, tax processing, and return filing platforms among others.

Once the 15-digit unique GSTIN number is entered into the system, the Verification Suite’s synchronous API will take this GSTIN number as input and confirm the end-user identity in real-time. It will enable the merchant to verify the business’ registration type: regular, composite, or exempted taxpayer, GST registration date, legal name of the business, registered office address, and the GSTIN status as maintained in the GSTIN database.

Under GST, all the taxpayers are consolidated onto a single platform of compliance and are registered under a single authority. GSTIN is an important identification as it depicts the authenticity of the taxpayer. In some cases, businesses may manipulate the GST details to evade taxes. KYC of GSTIN helps merchants attain transparency of business, ensure the authenticity of GST returns, correction of any errors while reporting GSTIN, and reduce fraud.

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Keywords: product upgrade, KYC, KYB, identity verification, ecommerce
Categories: Fraud & Financial Crime
Countries: India
This article is part of category

Fraud & Financial Crime

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