Gst Pedia

Duty imposed on goods manufactured in India
Duty levied on any imported article which is equal to additional duty representing such portion of the excise duty leviable on such raw material, components and ingredients.
The services mentioned under negative list are non-taxable services, which means they are out of coverage of service tax. 17 services have been specified and any change in negative list can be done only through the amendment in the Finance Act, 1994.
Services mentioned here are taxable but exemption has been provided through the notification. 39 services have been specified under this exemption list.
Service tax is a tax levied by the government on service providers on provision of services.
VAT is a tax on the value added to the commodity at each stage in production and distribution chain. Under VAT, tax is not levied on the portion of tax paid at the earlier stage; it is levied only on the value added as the credit of tax paid at earlier stages is allowed to be set off against the tax payable at the next stage.
A sin tax is an excise tax specifically levied on certain goods deemed harmful to society. Eg: alcohol, tobacco
A good or service whose consumption is considered unhealthy, degrading, or otherwise socially undesirable due to the perceived negative effects on the consumers themselves.
CGST is Central Goods and Service Tax. This tax is levied on intra-state (within the state) transactions. Taxes collected under Central Goods and Service tax will be the revenue for Central Government.
SGST is State Goods and Service Tax. This tax is levied on intra-state (within the state) transactions. Taxes collected under SGST will be the revenue for State Government.
IGST is Integrated Goods and Service Tax. This tax is levied on inter-state (between 2 states) transactions. Revenue collected from IGST will be divided between Central Government and State Government as per the rates specified by the government.
UTGST is Union Territory Goods and Service Tax. This tax is levied on transactions between same union territory.
Input tax credit is the credit received available to be set-off against paying output taxes
With respects to tax, credit is ITC as defined above
Cess imposed by the central government is a tax on tax, levied by the government for a specific purpose
TCS is income tax collected by seller in India from payer on sale of certain items.
It refers to the products that are taxable, but the rate of tax is NIL.
Businesses dealing only in goods can only opt for composition scheme with annual turnover below 50lakhs.A person registered under composition scheme will pay tax at rate not more than 1% for manufacture, 2.5% for restaurant sector & 0.5% for traders.
Compensation scheme is the scheme offered by the Central Government to the State Government for losses suffered by them due to GST. Central Government plans to provide compensation to the State Governments for 5 years.
It means Goods and Services identification number. Taxpayers migrated into GST will be assigned a unique GSTIN.

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