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GST Registration & Return Filing Glossary

CGST

It’s a tax levied by the federal government on intra-state transactions.

SGST

SGST (State Government Transactions Tax) is a tax levied by the state government on intra-state sales.

IGST

The tax levied by the national govt on interstate transactions.

UGST

The Union Territory Goods and Services Tax (UTGST) is a component of the GST imposed by the Union Government.

GSTIN

The GSTIN (Goods and Services Tax Identification Number) or GST registration number is a 15-character identification number assigned to firms that register for GST.

GSTR

A GST Return (GSTR) is a document that captures the information of a taxpayer’s income and is required to be filed with the authorities in order to determine his tax due. There are 11 different kinds of GST returns.

GSTN

The GSTN (Goods and Services Tax Network) is a non-profit public-private collaboration that offers IT infrastructure and services to help with GST implementation.

ITC

The credit a taxable person obtains for paying input taxes on inputs utilized in his firm is known as the ITC.

Invoice for GST

The person who provides goods and services issues the GST invoice. It contains information on the sale as well as the GSTIN of the seller.

HSN Number

The HSN code is a six-digit standard number that categorizes over 5000 items and is accepted worldwide. Harmonized System of Nomenclature (HSN) is an abbreviation for the Harmonized System of Nomenclature.

SAC Code

SAC codes are used to categorize services for GST purposes. A SAC code is assigned to each service.

Turnover in aggregate

The entire value of all taxable supplies is referred to as aggregate turnover, and it is used to calculate the GST threshold.

A person who is subject to taxation

Any individual involved in economic activity in India who is obliged to be registered under GST is referred to as a taxable person.

GST Compliance Rating

The GST Compliance Rating is between 0 and 10 that all taxpayers receive to indicate how well they comply with the GST rules.

 

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