Goods & service Tax (GST) is a comprehensive indirect tax on
manufacture, sale and consumption of goods and services throughout India. It is
going to replace most of the indirect taxes currently levied by the central and
State governments separately.
GST will be
governed by 3 Central laws and 29 State laws.

As these laws are voluminous, we at Winman Software have
prepared a GST reckoner for your easy reference. Only relevant sections are
included in as minimum words as possible without distorting the meaning.
We are also developing GST
software which will cater to all the requirements of GST and thereby facilitate
filing of simplified GST returns in a simpler way.

GST Acts

Tax

Applicable act

Levied by

Intra-State supply (within State or union territory)

CGST

Central GST Act, 2017

Central Government

SGST

29 State laws

State Government

UTGST

Union Territory Goods
and Services Act, 2017

Central Government

Inter-State supply (outside the State) & imports

IGST

Integrated Goods and
Services Act, 2017

Central Government

 

 

GST will be levied on all goods and services except on goods
outside the scope of GST, exempted goods & services and transactions
below threshold limit.

Threshold limit is annual
turnover of Rs.10 lakh for businesses in the North-eastern and hill States,
and Rs. 20 lakh for rest of India.

No tax will be payable
on export of goods and services as they are considered ‘zero rated supplies’.

Small taxpayers with
an aggregate turnover in a financial year up to Rs.50 lakh shall be eligible
for composition scheme (i.e. tax at a flat rate without credits).

 

Indirect taxes which are subsumed in GST

Not subsumed in GST

Service Tax

Basic Customs duty
(BCD)

Central Excise Duties

Alcohol for human consumption

State VAT or Sales Tax

Stamp duty

Central Sales Tax

Property tax

Octroi and Entry Tax

Electricity Duty

Purchase tax

Toll tax

Entertainment,
Advertisement & Luxury Tax

 

Taxes on lottery,
betting and gambling

 

Special additional
duties of customs (SAD)

 

 

Extent of GST Acts

CGST & IGST Act
extends to the whole of India except the State of Jammu & Kashmir.

SGST Acts passed by State
governments extend to each such State.

UGST Act extends to
the Union territories of the Andaman and Nicobar Islands, Lakshadweep, Dadra
and Nagar Haveli, Daman and Diu, Chandigarh and other territory.

 

For
GST Acts, rules
click here

 

Input Tax Credit

Cross-utilization of credit
between goods and services would be available.

SGST and CGST credit can be
cross-utilised only for IGST. IGST credit can be cross-utilised for any tax.

 

 

 

 

 

 


Abbreviations used
in the reckoner

e-ledger

Electronic credit or cash ledger maintained by GSTN

ITC

Input tax credit

ISD

Input service distributor

     
In the
reckoner, the word ‘notified’ wherever used, refers to notifications yet to
be issued.

     
All
amounts given in reckoner are in Indian rupees.

     
First
column given in the reckoner is the section numbers.