Glossary

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 5 names in this directory beginning with the letter I.
IGST
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.
Invoice Reference Number
The IRN or invoice reference number will be valid for 30 days from the date of uploading.
ISD
ISD stands for Input Service Distributors. An Input Service Distributor is an intermediary or an office which manages the business of a manufacturer or producer of final products or output service provider (e.g.: The corporate office of a Pizza chain). ISDs receive vendor bills on behalf of their branches and issue invoices to the manufacturer/branches in-order to distribute the Input Tax Credits.
ITC
Input tax credit is the credit received available to be set-off against paying output taxes. In simple terms, ITC is the refund on the tax paid by a person at the time of purchase. ITC can be availed at the time of selling the purchased item to a customer.
ITC Ledger
An Input Tax Credit ledger (ITC ledger) is a type of a secondary ledger maintained by a company that keeps track of the input taxes under the different components of GST (CGST, SGST, and IGST) and the input tax credits received by the company under these GST components.