Goods & service Tax (GST) is a comprehensive indirect tax on
manufacture, sale and consumption of goods and services throughout India. It is
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 have also developed GST software which will cater to all the requirements of GST and thereby
facilitate filing of simplified GST returns in a simpler way.
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.
levied on all goods and services except on goods outside the scope of GST, exempted
goods & services and transactions below threshold limit.
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
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.