{"id":1267,"date":"2017-08-29T16:29:36","date_gmt":"2017-08-29T10:59:36","guid":{"rendered":"http:\/\/www.gsthelplineindia.com\/blog\/?p=1267"},"modified":"2018-03-30T09:04:04","modified_gmt":"2018-03-30T09:04:04","slug":"gst-glossary","status":"publish","type":"post","link":"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/29\/gst-glossary\/","title":{"rendered":"GST Glossary: 40 Goods and Services Tax Terms Explained"},"content":{"rendered":"<h2>GST Glossary And Important Definitions<\/h2>\n<p>Here is the list of all important GST Glossary or GST terms along with their definitions.<br \/>\n<a name=\"backtotop\"><\/a><\/p>\n<table width=\"100%\" cellspacing=\"0\" cellpadding=\"3\">\n<colgroup>\n<col width=\"64*\" \/>\n<col width=\"64*\" \/>\n<col width=\"64*\" \/>\n<col width=\"64*\" \/> <\/colgroup>\n<tbody>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#GST\">GST<\/a><\/td>\n<td width=\"25%\"><a href=\"#IndirectTax\">Indirect Tax<\/a><\/td>\n<td width=\"25%\"><a href=\"#CompositionScheme\">Composition Scheme<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTCouncil\">GST Council<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#GSTIN\">GSTIN<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTR-1\">GSTR-1<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTR-2\">GSTR-2<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTR-3\">GSTR-3<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#GSTR-3B\">GSTR 3B<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTR-4\">GSTR-4<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTR-5\">GSTR-5<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTReturn\">GST Return<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#GSTEnrollment\">GST Enrollment<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTChecklist\">GST Checklist<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTRate\">GST Rate<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTPayment\">GST Payment<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#E-WayBill\">E-Way Bill<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTRegistration\">GST Registration<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTFraud\">GST Fraud<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTHelpline\">GST Helpline<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#HSNCode\">HSN Code<\/a><\/td>\n<td width=\"25%\"><a href=\"#InputTaxCredit\">Input Tax Credit<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTTaxInvoice\">GST Tax Invoice<\/a><\/td>\n<td width=\"25%\"><a href=\"#ARNNumber\">ARN Number<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#GSTExemption\">GST Exemption<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTOffences\">GST Offences<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTPenalties\">GST Penalties<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTAppeals\">GST Appeals<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#ReceiptVoucher\">Receipt Voucher<\/a><\/td>\n<td width=\"25%\"><a href=\"#RefundVoucher\">Refund Voucher<\/a><\/td>\n<td width=\"25%\"><a href=\"#IGST\">IGST<\/a><\/td>\n<td width=\"25%\"><a href=\"#SGST\">SGST<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\"><a href=\"#CGST\">CGST<\/a><\/td>\n<td width=\"25%\"><a href=\"#UTGST\">UTGST<\/a><\/td>\n<td width=\"25%\"><a href=\"#BillofSupply\">Bill of Supply<\/a><\/td>\n<td width=\"25%\"><a href=\"#GSTLedgers\">GST Ledgers<\/a><\/td>\n<\/tr>\n<tr valign=\"top\">\n<td width=\"25%\" height=\"17\"><a href=\"#SACCode\">SAC Code<\/a><\/td>\n<td width=\"25%\"><a href=\"#ReverseChargeMechanism\">Reverse Charge Mechanism<\/a><\/td>\n<td width=\"25%\"><a href=\"#AssessmentofTaxLiability\">Assessment of Tax Liability<\/a><\/td>\n<td width=\"25%\">\u00a0<a href=\"#GSTCalculator\">GST Calculator<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a name=\"GST\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/\">GST<\/a><\/h3>\n<p>The Goods &amp; Services Tax (GST) is a destination-based indirect tax launched to replace all the previous indirect taxes being levied by the Centre and the States on the transaction of goods\/services across the country.<br \/>\n<a name=\"IndirectTax\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/05\/03\/history-of-gst-in-india\/\">Indirect Tax<\/a><\/h3>\n<p>It is the tax levied on goods and\/or services, not on income or profits, such as service tax and GST.<br \/>\n<a name=\"CompositionScheme\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/17\/gst-composition-scheme\/\">Composition Scheme<\/a><\/h3>\n<p>GST composition scheme is a special scheme for small businesses with turnover less than 75 lakh that involves paying tax at a fixed rate of annual income rather than at normal GST rates.<br \/>\n<a name=\"GSTCouncil\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/06\/16\/gst-council-meeting\/\">GST Council<\/a><\/h3>\n<p>It is the council designated by the Indian government with the task to govern the GST, decide GST rules and ensure proper implementation of GST in the country.<br \/>\n<a name=\"GSTIN\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/02\/gstin\/\">GSTIN<\/a><\/h3>\n<p>It is a 12-digit unique GST Identification Number, based on PAN number, assigned to every GST registered taxpayer.<br \/>\n<a name=\"GSTR-1\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/25\/gstr-1\/\">GSTR-1<\/a><\/h3>\n<p>GST return form used for furnishing the details of outward supplies (sales) on the common portal.<br \/>\n<a name=\"GSTR-2\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/26\/gstr-2\/\">GSTR-2<\/a><\/h3>\n<p>GST return form for providing the details on inward supplies (purchases) on the GST portal.<br \/>\n<a name=\"GSTR-3\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/27\/gstr-3\/\">GSTR-3<\/a><\/h3>\n<p>It is a GST return form used by a normal taxpayer for entering the details of tax liability and making payment of tax on the GST Portal.<br \/>\n<a name=\"GSTR-3B\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/03\/gstr-3b\/\">GSTR 3B<\/a><\/h3>\n<p>A special return form for filing of GST returns for the months of July and August 2017.<br \/>\n<a name=\"GSTR-4\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/28\/gstr-4\/\">GSTR-4<\/a><\/h3>\n<p>GST form to be used by composition registered dealers for filing their quarterly GST returns on the portal.<br \/>\n<a name=\"GSTR-5\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/31\/gstr-5\/\">GSTR-5<\/a><\/h3>\n<p>GST form to be used by registered non-resident taxpayers to file monthly GST returns.<\/p>\n<p style=\"text-align: right;\"><a href=\"#backtotop\">Back to GST Glossary<\/a><\/p>\n<p><a name=\"GSTChecklist\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/19\/gst-checklist\/\">GST Checklist<\/a><\/h3>\n<p>The conditions a business needs to fulfil to be GST compatible.<br \/>\n<a name=\"GSTReturn\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/06\/15\/gst-return\/\">GST Return<\/a><\/h3>\n<p>The form on which a GST registered taxpayer will enter the details of his taxable supplies, etc. for calculation of his tax liability.<br \/>\n<a name=\"GSTEnrollment\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/05\/03\/gst-enrollment\/\">GST Enrollment<\/a><\/h3>\n<p>The enrollment of existing taxpayers on the GST portal for future taxation and return filing.<br \/>\n<a name=\"GSTRate\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/05\/18\/gst-tax-rate\/\">GST Rate<\/a><\/h3>\n<p>The rate of tax on the transaction (purchase or sale) of a specific product or service under the GST regime.<br \/>\n<a name=\"GSTPayment\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/09\/gst-payment-due-date\/\">GST Payment<\/a><\/h3>\n<p>The process of paying monthly\/quarterly\/annually GST tax through various return forms on the portal.<br \/>\n<a name=\"E-WayBill\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/17\/e-way-bill\/\">E-Way Bill<\/a><\/h3>\n<p>It is an electronic (digital) bill required to be produced to facilitate the movements of goods with the value above Rs. 50,000.<br \/>\n<a name=\"GSTRegistration\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/06\/12\/gst-registration-e-verify-via-otp\/\">GST Registration<\/a><\/h3>\n<p>The registration of eligible taxpayers under GST regime through the GSTN portal.<br \/>\n<a name=\"GSTFraud\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/20\/gst-fraud-complaint\/\">GST Fraud<\/a><\/h3>\n<p>Activities such as providing wrong tax information, evasion of taxes, claiming unjust input credits, not paying tax, not passing the benefits of ITC to the customer, etc., which somehow demean the rules and laws of GST, are termed as GST fraud.<br \/>\n<a name=\"GSTHelpline\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/\">GST Helpline<\/a><\/h3>\n<p>The public and private helpline tools (blogs, portals and apps) providing much-needed GST information and related help to common people and businesses in the country.<br \/>\n<a name=\"InputTaxCredit\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/24\/input-tax-credit-gst\/\">Input Tax Credit<\/a><\/h3>\n<p>The tax already paid on inputs (purchases) can be claimed back to pay the liability of output taxes (on sales). It is called input tax credit or ITC.<br \/>\n<a name=\"GSTTaxInvoice\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/04\/gst-tax-invoice-format\/\">GST Tax Invoice<\/a><\/h3>\n<p>The GST compliant tax document to be issued by the registered supplier to the recipient of taxable goods and services on which GST has been charged.<br \/>\n<a name=\"ARNNumber\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/06\/22\/arn-number-in-gst\/\">ARN Number<\/a><\/h3>\n<p>It is the unique number generated after a successful GST enrollment or transaction on the GST common portal.<\/p>\n<p style=\"text-align: right;\"><a href=\"#backtotop\">Back to GST Glossary<\/a><\/p>\n<p><a name=\"GSTExemption\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/13\/gst-exemption-list-india\/\">GST Exemption<\/a><\/h3>\n<p>Some specific goods and services have been kept out of GST purview or free of tax. It&#8217;s called GST exemption.<br \/>\n<a name=\"GSTOffences\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/21\/gst-offences-penalties-and-appeals\/\">GST Offences<\/a><\/h3>\n<p>The frauds and illegal activities around GST procedures and tax returns are counted as GST offences.<br \/>\n<a name=\"GSTPenalties\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/21\/gst-offences-penalties-and-appeals\/\">GST Penalties<\/a><\/h3>\n<p>The penalties in the form of a fee and\/or jail-term against the GST offences, frauds and crimes.<br \/>\n<a name=\"GSTAppeals\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/21\/gst-offences-penalties-and-appeals\/\">GST Appeals<\/a><\/h3>\n<p>The appeal request filed by a GST taxpayer against the GST penalties liable on committing a GST fraud or offence.<br \/>\n<a name=\"ReceiptVoucher\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/11\/refund-receipt-voucher-format-in-gst\/\">Receipt Voucher<\/a><\/h3>\n<p>It is a GST compliant voucher or casual bill issued by a GST registered manufacturer\/supplier upon receiving advance payment for a future supply. It works as the proof of receipt of payment.<br \/>\n<a name=\"RefundVoucher\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/11\/refund-receipt-voucher-format-in-gst\/\">Refund Voucher<\/a><\/h3>\n<p>A GST compliant voucher to be issued by the manufacturer\/supplier upon cancellation of an order on which an advance has been paid by the recipient. It is the proof that the advance payment has been refunded back to the recipient.<br \/>\n<a name=\"IGST\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/13\/what-is-igst-sgst-cgst-utgst\/\">IGST<\/a><\/h3>\n<p>The integrated tax levied by the Centre on the interstate (between two states\/UTs) transactions of taxable goods and services.<br \/>\n<a name=\"SGST\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/13\/what-is-igst-sgst-cgst-utgst\/\">SGST<\/a><\/h3>\n<p>The State GST levied by the States on the intrastate (within one state) transactions of taxable goods and services.<br \/>\n<a name=\"CGST\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/13\/what-is-igst-sgst-cgst-utgst\/\">CGST<\/a><\/h3>\n<p>The Central GST levied by the Centre on the intrastate (within one state\/UT) transactions of taxable goods and services.<br \/>\n<a name=\"UTGST\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/13\/what-is-igst-sgst-cgst-utgst\/\">UTGST<\/a><\/h3>\n<p>The GST levied by the Union Territory on the intrastate (within one UT) transactions of taxable goods and services.<br \/>\n<a name=\"BillofSupply\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/15\/bill-of-supply-in-gst-format\/\">Bill of Supply<\/a><\/h3>\n<p>A bill of supply is a non-formal document issued by a supplier of GST exempted goods\/services or by a composition dealer. The bill of supply doesn&#8217;t contain any tax information.<br \/>\n<a name=\"GSTLedgers\"><\/a><\/p>\n<h3>GST Ledgers<\/h3>\n<p>The three electronic (online) accounts assigned to each registered GST taxpayer for managing their cash, tax credit and output tax liability on the GST portal.<br \/>\n<a name=\"HSNCode\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/24\/gst-helpline-app-with-hsn-sac-code-finder\/\">HSN Code<\/a><\/h3>\n<p>The unique code assigned to a tradable commodity under the Harmonized System of Nomenclature (HSN), for identification and taxation purposes.<br \/>\n<a name=\"SACCode\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/24\/gst-helpline-app-with-hsn-sac-code-finder\/\">SAC Code<\/a><\/h3>\n<p>It is the unique Service Accounting Code assigned to each taxable service.<br \/>\n<a name=\"ReverseChargeMechanism\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/16\/reverse-charge-mechanism\/\">Reverse Charge Mechanism<\/a><\/h3>\n<p>In case if the supplier is not registered under GST, the registered buyer will pay GST directly to the government on a transaction of goods\/services. This is called the Reverse Charge Mechanism.<br \/>\n<a name=\"AssessmentofTaxLiability\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/04\/05\/process-assessment-tax-liability-under-gst\/\">Assessment of Tax Liability<\/a><\/h3>\n<p>The process of calculating tax liability of a specific taxpayer based on the outward and inward supplies details furnished by them on the GST portal.<br \/>\n<a name=\"GSTCalculator\"><\/a><\/p>\n<h3><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/07\/18\/gst-calculator\/\">GST Calculator<\/a><\/h3>\n<p>An online tool used for calculating GST rates and amount for various products and services taxable under GST regime.<\/p>\n<p style=\"text-align: right;\"><a href=\"#backtotop\">Back to GST Glossary<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GST Glossary And Important Definitions Here is the list of all important GST Glossary or GST terms along with their definitions. GST Indirect Tax Composition Scheme GST Council GSTIN GSTR-1 GSTR-2 GSTR-3 GSTR 3B GSTR-4 GSTR-5 GST Return GST Enrollment GST Checklist GST Rate GST Payment E-Way Bill GST Registration GST Fraud GST Helpline HSN &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/29\/gst-glossary\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GST Glossary: 40 Goods and Services Tax Terms Explained&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[107],"class_list":["post-1267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst","tag-gst-glossary"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GST Glossary: 40 Goods and Services Tax Terms Explained<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gsthelplineindia.com\/blog\/2017\/08\/29\/gst-glossary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GST Glossary: 40 Goods and Services Tax Terms Explained\" \/>\n<meta property=\"og:description\" content=\"GST Glossary And Important Definitions Here is the list of all important GST Glossary or GST terms along with their definitions. 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