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, a GST reckoner summarising the GST law has been
prepared for 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

 

 

For GST Acts, rules, Rate schedule,
Reverse charge services, FAQ etc.
click here

For "ICAI Background Material on
GST"
click
here

 

 

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.

 

 

 

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

Note:-

   
First
column
given in the reckoner contains section numbers.

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

   
All amounts given in
reckoner are in Indian rupees.