11 terms with concise definitions
Central Goods and Services Tax — the central government's share of GST levied on intra-state transactions.
A simplified GST scheme for small taxpayers with turnover up to ₹1.5 crore (₹75 lakh for services) allowing payment of tax at a fixed percentage of turnover.
Electronic Way Bill — a document generated on the GST portal before transporting goods worth more than ₹50,000.
Goods and Services Tax — an indirect, destination-based tax levied on the supply of goods and services across India, replacing multiple central and state taxes.
Goods and Services Tax Identification Number — a 15-digit unique identifier assigned to every GST-registered taxpayer.
Harmonized System of Nomenclature — a 6 or 8-digit code used to classify goods for GST purposes and determine the applicable rate.
Integrated Goods and Services Tax — levied by the central government on inter-state supply of goods and services and on imports.
Input Tax Credit — the GST paid on inputs and input services that a taxpayer can claim as a credit against his output GST liability.
GST payable by the recipient of goods or services instead of the supplier, as notified under Section 9(3) or 9(4) of the CGST Act.
Services Accounting Code — a 6-digit code used to classify services for GST purposes.
State Goods and Services Tax — the state government's share of GST levied on intra-state transactions.
