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GST alphabet soup: Don't let the acronyms confuse you
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GST alphabet soup: Don't let the acronyms confuse you
GSTN's main purpose is to provide IT infrastructure to central and state governments, taxpayers and other stakeholders to facilitate implementation of GST.
You must have seen the advertisements on TV flaunting the tagline 'one nation, one tax', or read about it in the newspapers or the internet, since it has become almost impossible to ignore the biggest tax reform in India since Independence. Whether you are an individual consumer or an entrepreneur running a firm, the
With all the talk of GST, it may be difficult to keep up with the surrounding jargon. Well, ET has come to your rescue! Here are some terms that you should know about the Narendra Modi government's ambitious project.
Nearly eight million businesses will migrate to GST. All of these will be assigned unique Goods and Services Tax Identification Number (GSTIN). Every business will be allotted a state-wise PAN-based 15-digit GSTIN. PAN is absolutely mandatory for GST. A person without PAN has to first get a PAN before registering for GST.
The Goods and Services Tax Network is a non-profit, public-private partnership company. The main purpose of this company is to provide IT infrastructure and services to Central and state governments, taxpayers and other stakeholders to facilitate the implementation of GST.
The Integrated Goods and Services Tax or the IGST is charged on movement of goods and services from one state to another. For example, if goods are moved from Karnataka to Punjab, IGST is levied on such goods. The revenue from the IGST is shared by the state governments and the central government as per the rates fixed by the authorities.
The State Goods and Services Tax is levied on the intra-state movement of goods and services. The revenue collected under SGST is for the state government. When SGST is being introduced, the present state taxes of sales tax, VAT, luxury tax, entertainment tax (unless it is levied by the local bodies), taxes on lottery, betting and gambling, entry tax not in lieu of octroi, state cesses and surcharges in so far as they relate to supply of goods and services have been incorporated into it.
The Central Goods and Services Tax comes in place of central taxes like central excise duty, central sales tax, service tax, additional excise duties, excise duty levied under the Medical and Toiletries Preparation Act, additional customs duty or countervailing duty and special additional duty of customs. CGST is charged on the movement of goods and services of standard commodities and services which can be amended time to time by a separate body. The revenue collected under CGST is for the Centre.
Tax on goods and services in union territories like Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, Delhi (National Capital Territory of Delhi), Lakshadweep and Puducherry is accounted under the Union Territory Goods and Service Tax. Under GST, the SGST Act applies to all the states in India. The definition of 'states' in the constitution includes union territories with their own legislature, namely Delhi and Puducherry. Therefore, the SGST Act also applies to these. This means that on supplies within the union territories of Delhi and Puducherry, the taxes levied will be CGST +SGST, and on supplies from Delhi/Puducherry to another state/union territory, the tax levied will be IGST.
GST Suvidha Provider refers to third-party applications that assist the taxable person in accessing the GST portal in an enriched manner by being more user-friendly and customer-centered.
Application Service Providers are like GST Suvidha Providers (GSPs) but more wholesome. The support provided by ASPs will address most taxpayer compliance difficulties as they work as a liaison between the taxpayers and the GSPs.
GST Council to decide when GST can be levied on petroleum products: Government
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