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 GSTGST means Goods & Services Tax. Full form of GST Act is THE CENTRAL GOODS AND SERVICES TAX ACT, 2017.
Benefits to economy
- To create a unified common national market
- To make India a manufacturing hub
- To boost investment and exports
- 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
- Greater use of IT will reduce human interface between tax payer and tax administration
- Automated procedure for processes like registration, returns, tax payments, refunds and credit verification
- Compliance burden to come down with one pan-india tax replacing multiple taxes
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
SEZ - Special Economic Zone
RCM -Reverse Charge Mechanism
Different Taxes Full Forms ExplainedCGST 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 anindirect tax levied on interstate sales.
SBS -Swachh Bharat Cess.
KKC -Krishi Kalyan Cess.
Government Boards ExplainedCBDT -Central Board of Direct Taxes.
CBEC -Central Board of Excise & Customs.
ACES - Automation of Central Excise and Service Tax
GST codes of all the states of the country.01 - Jammu & Kashmir
02 - Himachal Pradesh
03 - Punjab
04 - Chandigarh
05 - Uttranchal
06 - Haryana
07 - Delhi
08 - Rajasthan
09 - Uttar Pradesh
10 - Bihar
11 - Sikkim
12 - Arunachal Pradesh
13 - Nagaland
14 - Manipur
15 - Mizoram
16 - Tripura
17 - Meghalaya
18 - Assam
19th - West Bengal
20 - Jharkhand
21 - Orissa
22 - Chhattisgarh
23 - Madhya Pradesh
24 - Gujarat
25 - Daman & Diu
26 - Dadra & Nagar Haveli
27 - Maharashtra
28 - Andhra Pradesh
29 - Karnataka
30 - Goa
31 - Lakshdweep
32 - Kerala
33 - Tamil Nadu
34 - Pondicherry
35 - Andaman & Nicobar Islands
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