Glossary

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There are 12 names in this directory beginning with the letter C.
Cash Ledger
A cash ledger is one of the subsidiary ledgers that are maintained by a company alongside the general ledger. A cash ledger is a record of all transactions associated to cash accounts that are operated by an organization and its branches.
Casual Taxable Person
A Casual Taxable person is someone who doesn’t have a fixed place of business but occasionally supplies goods and/or services as a principal or agent, in a taxable territory.
Cess
Cess is a tax on tax, levied by the government for a specific purpose. Under the GST regime, an additional cess will levied upon certain demerit goods for the first five years post GST roll out. This is in order to compensate for any loss of revenue the States may face due to the reduction of tax collection.
CGST
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.
CIN
CIN stands for 'Corporate Identification Number' which is written on bank statements. Each Indian company (Listed or Unlisted) has a unique 21 Digit CIN. Once this number is filled, company details are automatically filled in E-Forms issued by MCA by using pre-fill function.
Compensation Act
Compensation scheme is 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.
Composite Dealer
A composition dealer is one registered under the Composition Scheme. Composition Scheme in GST allows taxpayers to pay taxes at lower rates and also to file returns on a quarterly basis rather than monthly.
Composite supply
Composite supply means a supply consisting of two or more goods and/or services, which are naturally bundled and provided together, one being a principal supply.
Composition Scheme
Businesses dealing only in goods can only opt for Composition Scheme with annual turnover below 75 lakhs. A person registered under composition scheme will pay tax at rate not more than 2% for manufacture, 5% for restaurant sector & 1% for traders (CGST & SGST).
CPIN
It is a 14 digit unique number to identify the challan. As stated above, the CPIN remains valid for a period of 15 days.
Credit
With respects to tax, credit is ITC as defined above
CVD
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.