The aggregate value of taxable supplies, exempt supplies, exports, Inter-State supplies made by a business in a financial year, excluding the tax on goods sold.
Appeal under GST
A formal legal process through which a taxpayer pays equivalently the order decision to the government issued by GST-authorities.
Assessment under GST
The process by which the liability payable by a taxpayer in respect of GST is calculated i.e., by way of self-assessment, provisional assessment, scrutiny, audit and the tax authorities also calculate.
Authorized Representative
A personal authorized to represent a taxpayer before GST authorities for case of GST Return Filing and GST Notice, in general matters of compliance with the law.
B2B (Business to Business)
Transactions relating to the supply of goods or services from one business registered under to another business that is generally subject to the taxation process.
B2C (Business to Consumer)
Transactions in which the supply of goods or services is directly made to end consumers, where the tax is included in the selling price but there is no input tax credit.
Balance Sheet under GST
A financial statement that shows a business's assets, liabilities, and equity as well as those having to do with the Goods and Services Tax, such as input tax credit, GST payable, and refunds.
Bill of Supply
A document issued instead of a tax invoice in case of supplying exempt goods or services or against the composition scheme without charging tax.
CGST( Central Goods and Services Tax)
The portion of GST, levied by Central Government for the intra-state supply of goods and services in the country of India.
Composite Dealer
A registered person incharges of applying the composition scheme, non-GST payers seeking registration, registered tax payers who do not seek to claim the input tax credit, etc.
Composite Supply
A supply which comprises more than one good or service which is naturally bundled together and provided as a single supply for the purposes of GST.
Composition Scheme
A simplified GST scheme for eligible small taxpayers which provides for payment of tax at a lower fixed rate with lower compliance obligations.
Continuous Supply of Goods
A supply in which there is recurring or ongoing delivery of goods pursuant to contract, the invoicing and payment of which may occur at regular intervals.
Continuous Supply of Services
Such services are those which are given continuously over a period under an agreement, with the obligation to pay arising from time to time or upon the completion of certain milestones.
Credit Note under GST
Documents issued by a supplier to bring down the taxable value / GST levied because of returns, discounts, overbilling.
Customs Duty
A tax levied on the goods imported in India or exported from the country, is charged separately from the capabilities of the applied Tax on the imports made to India.
Debit Note under GST
A document issued to increase the taxable value or GST payable by the seller if he undercharges with regard to goods or services earlier.
Deemed Supply
Some transactions which are considered to be taxable supplies under GST without consideration, for example, transfers between related parties.
Destination Principle
A taxing concept whereby joined GST is covered to the state or territory of consumers of goods or services.
Destination-Based Taxation
A system of taxation where the consumers, rather than the place of origin, of the goods and services tax them.
Electronic Cash Ledger
Credit ledger online on GST portal on cash deposited by a taxpayer for payment of GST, interest, penalties or fees.
Electronic Credit Ledger
Digital record that shows the input tax credit available to a registered taxpayers for cancelling their liability for GST.
Electronic Way Bill (E-Way bill)
An electronically produced document which is necessary for moving goods above a prescribed value in order to ensure GST compliance during the transportation of the goods.
Exempt Goods
Goods which are not subject to GST as per the GST law and schedules and hence no tax is charged on the goods.
Exempt Supplies
Supplies on which the taxes cannot be levied and on which input tax credit cannot be claimed.
Export of Goods
The supply of goods outside India and considered zero-rated under the GST shall avail input tax credit refunds.
Export of Services
Services rendered to recipients located outside India which fulfill prescribed conditions and that are treated as zero-rated supplies.
GST (Goods and Services Tax)
A system of unified indirect taxes levied on the supply of goods and services in India replacing various indirect taxes in India.
GST Audit
Checking the correctness and compliance parameters of GST laws by the infrastructure across various fronts such as the examination of GST records, returns, and documents in a systematic way.
GST Compensation Cess
An additional levy imposed on some specified goods so as to compensate the states for the revenue loss due to the implementation of GST levy.
GST Compliance
The process of fulfilling all the requirements that are related to GST, such as registration, invoicing, return filing, payment of tax, and maintenance of records.
GST Composition Scheme
A special scheme under GST, which will permit eligible taxpayers to pay GST at a reduced specification at a simpler compliance and restrictions.
GST Council
The top authority in making recommendations on the rates of GST, exemptions, rules, and policy changes of GST in India.
GST E-Commerce Operator
An online platform to facilitate taxable supplies and are responsible for specific obligations of GST such as TCS collection.
GST Filing
Periodic submission of GST returns giving information regarding outward supplies, inward supplies, tax liability, and tax payment etc.
GST Input Tax Credit
The credit of GST paid on the purchases which can be availed to offset the GST payable on sales subject to eligibility conditions.
GST Non-Compliant Invoice
An invoice that does not satisfy the requirements for GST invoicing, which in turn can mean penalties or no input tax credit.
GST Number (GSTIN)
A unique 15 character identification number given to a each GST registered business for tax administration purposes.
GST Output Tax
GST in taxable outward supplies of goods or services charged by a registered business.
GST Portal
The formal online platform made used for the GST registration, GST return filing, payments, refunds, and compliance management.
GST Practitioner
A professional person who is qualified to help taxpayers in the field of GST registration, filing of returns, and compliance services.
GST Refund
The process to claim the excess amount of GST paid or unutilized input tax creditable as per the provisions of the Goods & Services Tax Act is called input tax credit.
GST Registration
The mandatory or voluntary process of getting enrolled under GST, legalized collection of GST and its returns.
GST Regulation
The statutory rules and provisions of implementation, administration, and enforcement of GST.
GST Return
A prescribed statement filed by a registered taxpayer giving the details of sales, purchases and tax liability.
Reverse Charge Mechanism under GST
A mechanism under which the receiver of the goods or services is liable to pay the GST rather than the supplier.
GST Tax Invoice
Instead of the detailed GST collections, the flush taxable supplies will have certainly valid throughout for taxable supplies with mandatory GST details.
GSTN (goods and services tax network)
The technology platform covering GST data processing, GST registrations, returns and payments in India.
GSTR-1
A return used to report outward supplies and tax charged in a particular tax period.
GSTR-2A
An auto generated statement reflecting inward supplies based on filed GSTR 1 data in respect of suppliers.
GSTR-3B
A Summary return used for declaring the liability of charge for tax and claiming input tax credit for a tax liability.
Harmonized System of Nomenclature (HSN Code)
An internationally accepted method of classification used to identify goods and classify them to the applicable GST rates.
IGST (Integrated Goods and Services Tax)
GST imposed on inter-State supply and imports collected by the Central Government.
Import of Goods
Goods imported into the country from other countries, which is subject to IGST, with applicable customs duty.
Import of Services
Services received from Other than India, are usually taxed under the reverse charge mechanism.
Input Service Distributor or ISD
A registered office which distributes eligible input tax credit on services to its branches.
Input Tax Credit (ITC)
The credit of GST incurred on purchases payable against offsetting against GST payable on outward supply.
Inter-State Supply
Supplies which made between two different states and union territories attractions IGST.
Intra-State Supply
Supplies made on the same state or union territory on which CGST and SGST or UTGST is attracting.
Inverted Tax Structure
A situation where the amount of GST paid on inputs is higher than the amount of GST payable on outputs resulting in the accumulation of ITC.
Invoice Reference Number (IRN)
A unique ID that would be generated for e-invoices in order to validate and track GST-compliant invoices.
Job Work under GST
A process where goods are sent out to another party, for processing or treating, while retaining ownership.
Liability Ledger
GST portal account on Total tax Interest Penalty Fee payable by taxpayer.
Nil Rated Supply
Supplies subject to a 0% rate of tax (input tax credit), except when under specific restrictions.
Non-GST Supply
Supplies that are completely excluded from the scope of GST eg. Some petroleum products.
Output Tax
The GST liability of a business due to taxable outward supplies made by a business.
Over-the-Counter Payment
A mode of payment of GST dues at authorized bank branches/payment counters.
Partial Exemption
A scenario when both taxable and exempt supplies are made by a taxpayer and taxation is limited on ITC.
Place of Supply Rules
Rules that decide geographical location where GST is chargeable on a transaction.
Provisional Assessment
A temporary assessment (GST assessment) permitted where tax liability is not accurately determined at the time when it is supplied.
Registration Certificate under Goods and Services Tax (GST)
A formal certificate that a business is registered for GST and has permission to collect a GST.
Self-Assessed Tax
Tax calculated and paid by a taxpayer according to declared transaction and returns.
SEZ (Special Economic Zone)
Designated zones with tax and other regulatory perks as an incentive to boost exports and investment.
SGST (State Goods and Services Tax)
The goods and services tax levied by state governments on supply of goods and services within the state.
Supply of Goods
The giving or receiving of goods for consideration under the Goods and Services Tax law is referred to as the transfer, sale or exchange of goods, respectively.
Supply of Services
Any activity undertaken in consideration and does not involve the supply of goods.
Tax Filing
The act of filing needed tax returns, information to the tax authorities.
Tax Regulations
Legal rules addressing taxation assessment, payment, reporting as well as enforcement.
Taxable Goods
Goods where the rate of GST is applicable (as per the respective schedules of payer & registrant).
Taxable Person under GST
Any Goods and Services Tax registered or liable to be registered with the Goods and Services Tax who sells or supplies taxable goods or services.
Taxable Supply
A supply of goods or a service that attracts GST and to which tax is to be charged.
TCS (Tax Collected at Source)
Tax which is collected by some sellers or E-Commerce operators at the time of sale and deposited before the government.
TDS (Tax Deducted at Source)
Tax deducted by the specified entities while making payments and remitted to the government.
Threshold Limit to GST Registration
The turnover limit above which the GST has to be registered.
Time of Supply
The point in time when the liability of tax on GST arises to a transaction.
Turnover under GST
The total value of taxable, exempt and zero rated supplies used for the purpose of compliance with the Goods and Services Tax Act, 2010.
Unified GST Law
A harmonised tax structure that will have similar GST norms in all states and union territories.
UTGST (Union Territory Goods and Services Tax)
GST brought in by intra-union territory supplies along with the CGST.
Value of Supply under GST
The amount on which Gross Tax is to be levied, and it includes the consideration, incidental expenses and applicable charges.
Voluntary Registration
GST registration applied for by a business even if the turnover is below the mandatory limit.
Zero-Rated Goods
Goods supplied under zero rate of GST, which is usually exports as they are eligible for refund of ITC.
Zero-Rated Supplies
Supplies that undergo taxation in the rates of 0% and permit recovery of input tax credit related to such supplies.
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