Goods &
service Tax (GST) is a comprehensive indirect tax on manufacture, sale and
consumption of goods and services throughout India. It replaces most of the
indirect taxes currently levied by the central and State governments separately. GST 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.

 

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

 

 


 

Links

 

CGST Act

FAQs on GST

 

IGST Act

FAQs
on Migration to GST

 

UTGST
Act

Migration
FAQs

 

GST
(Compensation to the States) Act

Step
By Step Guide To Taxpayers

 

CGST
Rules, 2017

FAQ
on composition levy

 

IGST Rules, 2017

 

 

For
"ICAI Background Material on GST" click
here

 

GST
is 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.1crore or below (Rs.75 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

Professional 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.