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GST (5)

GST is a unified indirect tax levied on the supply of goods and services across India. It replaced multiple indirect taxes like VAT, excise duty, and service tax, aiming to streamline the taxation process and create a common national market.

CGST: Central Goods and Services Tax, collected by the central government on intra-state sales.

SGST: State Goods and Services Tax, collected by state governments on intra-state sales.

IGST: IGST stands for Integrated Goods and Services Tax, which is levied by the central government on imports and interstate transactions.

UTGST: Union Territory Goods and Services Tax, applicable in union territories without a legislature.

The Goods and Services Tax Identification Number is referred to as GSTIN. Each registered taxpayer under GST is given a distinct 15-digit alphanumeric code. This number is necessary for tax return preparation and compliance.

In order to be eligible for ITC under GST, the following requirements must be satisfied:

  1. GST Registration: The claimant must be a GST-registered taxpayer.
  2. Valid Tax Invoice: Possession of a valid tax invoice or debit note issued by a registered supplier.
  3. Receipt of Goods/Services: The goods or services must have been received.
  4. Tax Payment: The supplier must have paid the GST to the government.
  5. Return Filing: The claimant must have filed the necessary GST returns.
  6. Payment to Supplier: Payment for the supply must be made to the supplier within 180 days from the invoice date.

ITC allows a registered business to claim credit for the GST paid on purchases (inputs) used for business operations. This credit can be used to offset the GST liability on sales (outputs).

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