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, 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.75 lakhs or below (Rs.50
lakhs or below for Special Category States) 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

 

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.