GST ALL technical term full forms explained
Here is a list of all technical names related to GST and full forms. This post will surely help you in finding information regarding these. It will be tough to search for information about GST and related processes without knowing what those terms are and what is the context it is used.
It is hard for a non financial person to search for information about GST and related terms due to very high technical use of terms.

What is GST and What are the Benefits of GST

GST means Goods & Services Tax. Full form of GST Act is THE CENTRAL GOODS AND SERVICES TAX ACT, 2017.

Benefits to economy

  1. To create a unified common national market
  2. To make India a manufacturing hub
  3. To boost investment and exports
  4. To generate more employment by increased economic activity

Simplified Tax structure

  • Reduction in multiplicity of taxes now leviable on goods and services, leading to simplification
  • Simpler tax regime with fewer exemptions
  • Harmonisation of laws, procedures and rats of tax across the country
  • Common system of classification of goods and services to ensure certainty in tax administration

Tax compliance easy

  1. Greater use of IT will reduce human interface between tax payer and tax administration
  2. Automated procedure for processes like registration, returns, tax payments, refunds and credit verification
  3. Compliance burden to come down with one pan-india tax replacing multiple taxes

GSTIN means Goods & Services Tax Identification Number. When you register for GST, you will be provided with a 15 digit number. This will appear in the invoices that you file. For example: 12ABCDE1234A9Z9,12ABCDE1234A9Z9

PAN is the full form of Permanent Account Number. It is a number that has life time validity.

TRN is Temporary Reference Number. In order to register for provisional ID for GST registration, you need to link your pan card.

ITC is Input Tax Credit. This means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Source: Cleartax

HSN code means Harmonized System Nomenclature code.

TRAN is full form of Transition of Input Tax Credit.

TDS - Tax Deducted at Source

ISD means Input Service Distributor.

UNO is United Nations Organisation.

ISS - Intra State Supplies

SEZ - Special Economic Zone

RCM - Reverse Charge Mechanism

Different Taxes Full Forms Explained

CGST is Central Goods and Services Tax [Old name: VAT + Central Excise/Service tax].

SGST means State Goods and Services Tax [Old Name: VAT + Central Excise/Service tax].

IGST means Integrated Goods and Services Tax [Old name: Central Sales Tax + Excise/Service Tax].

CENVAT is Central Value Added Tax.

MODVAT is Modified Value Added Tax.

VAT is the full form of Value Added Tax. It is an indirect tax levied at various stages of production and customers pay it.

CST means Central Sales Tax. It is an indirect tax levied on interstate sales.

SBS - Swachh Bharat Cess.

KKC - Krishi Kalyan Cess.

Government Boards Explained

CBDT - Central Board of Direct Taxes.

CBEC - Central Board of Excise & Customs.

ACES - Automation of Central Excise and Service Tax

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