3/28/24, 12:13 PM Basics of GST: A Beginner's Guide - Tax2win

Home  GST  GST Basics  Basics of GST: A Beginner's Guide Updated on: 06 Mar, 2024 04:06 PM

Understanding the basics of GST Bill

In India
New to GST Law? In this post, we will cover the basics, which will help
you develop an understanding of the GST Law in India. This
comprehensive guide will cover-

Contents :-
What is GST?

What is the date from which GST came into force in India?

What is the purpose of bringing GST in India?

Which indirect taxes have been replaced with the

implementation of GST?

What is the structure or framework of GST in India?

What is SGST?

What is CGST?

What is UTGST?

What is IGST?

What is the difference between CGST, SGCT, and IGST?

What is the meaning of “Goods” under GST?

What is the meaning of “Services” under GST?

Are all goods and services covered under GST? Which goods
and services have been excluded from the GST coverage?

What are the GST Tax Rates in India?

Who is required to register under GST?

What is GST Compensation Cess?

How GST will be beneficial?

GST Abbreviations and their Full Forms

Frequently Asked Questions

What is GST?
The full form of GST is Goods and Service Tax. It is an indirect tax introduced in
India from 1st July 2017. It is a value-added tax levied on the manufacture, sale,
and consumption of goods and services. Alternatively, GST can be defined as a
destination based tax where the tax is collected on the place where the ultimate 
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consumption is done, no matter how long the journey of good otherwise had
PEOPLE ALSO
been!! At every stage of supply, credit for, the taxes already paid on purchases
ASK
or inward supply is allowed. And, the final payout occurs from the pocket of the
HSN Codes Under
consumer of goods or service. There are differential rates prescribed by Central
GST In India
Board of Indirect Tax & Customs (CBIC). There is also a GST council set up to
GST Rates: List of
make and implement the by laws. Here are some of the key changes which GST Goods and Service
Tax Rates
has brought to the old taxes system :
How to login to
Abolishing Cascading effect i.e. tax on tax. Government GST
Portal India?
Removing the differentiation between goods and service, the only
SAC (Services
concept is supply Accounting Codes)
Under GST
Bringing harmony to the overall economy by concepts like E waybill
SAC Codes & GST
TDS and TCS introduced in the indirect taxes Rates on Services

GSTN: Goods and

Single window clearance Service Tax
Network
Freedom from multiple taxations
TDS Under GST
Increased transparency and so on
Tax Collected At
Source (TCS)
Under GST

What is the date from which GST came into GST Refund: Rules,
Provisions & Claim
force in India? Process

With a lot of constitutional amendments and years of delay the Goods and GST Invoice: GST
Rules & Bill Format
Service tax finally was made applicable in India from 1st July 2017. Although the Guide
foundation was laid way back in 2004 when the idea was initiated by the Kelkar GST Exemption:
Task Force. Since then, after a lot of discussions, approvals and debates, GST Goods & Services
Exempt Under GST
successfully rolled out in the year 2017 as one of the biggest taxation reforms
GST Composition
witnessed by the Indian economy after the eve of Independence.
Scheme: Eligibility,
Advantages &
Disadvantages

What is the purpose of bringing GST in India? GST Penalties:

Offenses, Late Fees
GST which is the biggest tax reform brought into INDIA post-independence has & Interest

paved its way to resolving major inherent flaws in the Indian indirect taxation E-Way Bill: Rules &
Generation Process
system. Such as-
GST State Codes
and Jurisdiction List

Deficiencies in the VAT system: Pro Forma Invoice

Under GST -
The VAT system was the biggest victim of cascading effect, i.e., double tax or Meaning, Template
& When it is Used?
tax on taxes already paid. The same has been resolved with the implementation
of GST. Earlier, a manufacturer was paying excise on the production of goods Tax Invoices in
Special Cases
which formed part of goods for the dealer selling the same at a later stage. And under GST
while making the sales, he was either paying VAT or CENVAT on price inclusive What is a Bill of
of excise. Which lead to double taxation and ultimately increase the burden on Supply under GST?

the consumer. GST has addressed this flaw efficiently. What is Debit Note,
Credit Note and
Revised Invoice?

Removing the confusion of the existing tax regime:

The major talked about the issue of Classification of a product as a good or RELATED
service has been redressed by the newly introduced Goods and Service Tax. SEARCHES
There was a lot of confusion and litigation over the subject matter, whether to GST Certificate
classify a product as a good or service. Also it leads to disputes in deciding the Download

rate of taxes. With the concept of supply introduced by GST, all such paradoxes GST Helpline

have settled down. GST Return

GST Payment

Integration of all existing taxes: GST Seva Kendra


Under the old taxation policies, there were a lot of ambiguities like

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CENVAT and VAT both were Value-added taxes still imposed separately

Service tax and VAT was charged separately Looking

Luxury tax and VAT were imposed simultaneously for
All these led to a lot of inconvenience in complying with different procedural
Tax
Help
requirements under different laws and statues. Also, Central taxes like CENVAT
were not allowed to be set off against State taxes.

Name
Easy compliances:
Trying to do 1000 things at a time leads to mismanagement and ineffectiveness. Email

The same goes for our old indirect tax structure. So many taxes with different
constitutional bodies was not an easy task to do. GST has made compliance Mobile

easier, as separate records or compliance under varied law provisions are no

Comm
longer needed.
ent

Increased Transparency: Contact Now

Easy compliances have led to better monitoring. The synergies arising out of
GST can now be used to take much-needed actions timely. Which will help to
build a sound structure of indirect taxes into India.

Faster redressal and quicker actions

GST has made tracking a lot easier. A person who was aggrieved or had a query
previously was redirected from one place to another in the name of different
prevalent laws. Also, no conclusion to disputes pending could be concluded
because of multiple legislations applicable. All these grievances would be
reduced after the implementation of GST. As it is One Nation, One Tax.

Single window clearances:

Multiple registrations and formalities under different laws led a person running
the business into a pathetic situation. GST is like a blessing for all those who
were running to different offices for compliance procedures. After GST,
taxpayers would be happy to follow the simple set of rules under just one tax
norm.

The ease at both ends:

Old tax regimes led people to file taxes differently for different taxes. GST has
eradicated the problem from its root. Now common tax payments are required to
be made. Additionally, a simple set of returns called GTSRs are required to
file under GST law and no separated due dates as per varied laws need to be
bookmarked.

Economies to scale:
The savings of resources like time, cost and efforts will enable both a taxpayer
and the nodal officers to improvise and effectively use the available assets. The
Taxpayers can now invest the same in business expansion and the government
in better implementation.

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Effective set off of ITC:

Taxes were being levied both at Central and State level, along with
inconvenience and added costs it also led to the problem with setting up of tax
credits. GST being one single tax both at central and state level has proved to
be a boon for the taxpayers by ensuring maximum credit set offs.

Which indirect taxes have been replaced with

the implementation of GST?
With the introduction of GST, the majority of Indirect taxes have been wiped out.
The one nation one tax has subsumed in itself many existing taxes both at
Central and State Level. Here is a list of Central Taxes which merged in GST-

Central excise Duty and Additional Excise Duties

Excise Duty under Medicinal & Toilet Preparation Act

Service Tax

Central Sales Tax

CVD & Special CVD

Central Surcharges and Cess in relation to supply of goods and services

The State levies which have been integrated with GST-

VAT and Sales Tax

Entertainment Tax (except imposed locally)

Entry Tax

Purchase Tax

Luxury Tax

Tax on Advertisement

Tax on lottery, betting, and gambling

State Surcharges and Cess about the supply of goods and services

What is the structure or framework of GST in

India?
In India, we have the federal government, which means we have ministers at
center and state levels. The same modal has been adopted under GST. The
government has adopted GST in its Dual or concurrent model. As a result of
which, both the Centre and State governments will levy GST simultaneously.
The implemented GST structure is categorized under four heads, namely –

IGST – Integrated Goods and Service Tax (IGST)

CGST – Central Goods and Service Tax (CGST)

SGST – State Goods and Service Tax (SGST)

UGST – Union Territory Goods and Service Tax (UGST)

A big applicative tax reform brought by GST is that it extends to India, including
the State of Jammu and Kashmir, unlike the Service Tax Act 1994.

What is SGST?
The full form of SGST is State Goods and Services Tax. It is a tax levied by the
State Government on the supplies of goods and services within the same state,

i.e., intrastate. The tax liability under SGST will be first set off against SGST or
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UTGST, and then the balance can be set off against IGST input tax credit only.
The tax amount collected under SGST is used by the State Government of the
state where the transaction occurred. The State Goods and Services Tax rate
shall equal the rate of CGST on a particular product or service.

What is CGST?
The full form of CGST is Central Goods and Services Tax. It is a tax levied by
the Central Government on the supplies of both goods and services within the
same state i.e. intrastate. The tax liability under CGST will be first set off against
CGST, and the balance can be set off against IGST input tax credit only. The tax
amount collected under CGST shall be transferred to the Central Government.
On a particular product or service, the rate of Central Goods and Services Tax
shall be equal to the rate of SGST.

What is UTGST?
The full form of UTGST is Union Territory Goods and Services Tax. It is a tax
levied by the Government of Union Territory on the supplies of goods and
services within the union territories, i.e., intrastate. The tax liability under UTGST
will be first set off against UTGST, and the balance can be set off against IGST
input tax credit only. The concept of this tax is the same as SGST, the only
difference is that instead of SGST, this tax is applicable in the union territories of
India. The tax amount collected under UTGST shall be transferred to the
Government of Union Territory. The rate of Union Territory Goods and Services
Tax shall be equal to the rate of CGST on a particular product or service.

What is IGST?
The full form of IGST is Integrated Goods and Services Tax. It is a tax levied by
the Central Government on the supplies of both goods and services between the
states i.e. interstate as well as on imports. The tax liability under IGST will be
first set off against IGST and the balance can be first set off against CGST and
then against SGST/ UTGST input tax credit only. Integrated Goods and Services
Tax shall be collected by the Central Government and then distributed to various
States.

What is the difference between CGST, SGST,

and IGST?
CGST, SGST or UTGST and IGST are the different levies introduced under the
GST framework in India from 1st July 2017. Since GST has been implemented
in India in its dual modal i.e. both Central and state governments can levy and
collect taxes simultaneously. There was an urge to give them specific legislative
powers. The above mentioned different Acts lay down the foundation guidelines
on the scope and powers to different authorities.

GST is bifurcated on the basis of its structure into these

categories

IGST – is a Central Government levy and collection of tax on

– Import & Export or (outside country)

– Interstate supplies (outside the state)

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GST has dual modal where both central and state governments
concurrently levy taxes. Because matters like import/export or supply of
goods and services to another state was a subject of dispute. The
decision will directly affect revenue interests of both states, hence, the
government came out with a way out via IGST. Also, harmony has been
kept in IGST rate. It is approximately aggregate of CGST and SGST. For
eg, if CGST is 9% and SGST is 9%, then the rate of IGST for the same
transaction would be 18% (approx).

CGST – is a Central Government levy and collection of tax on intrastate

supplies (within the state). The legislation governing levy of CGST is
CGST Act 2017.

SGST- is State Government levy and collection of tax on intrastate

supplies (within the state). Though every state has its own legislation for
governing its state levy. The core things (to the extent feasible) have
been kept intact to preserve the basic nature of GST law. Some common
features in all SGST acts
The Basic Law

Chargeability

Taxable Events

Taxable Persons

Classification

Valuation

Collection and levy of Tax etc

UTGST - is Levy and collection of GST on Union territories on intrastate

supplies (within the state). The Union territories like Andaman & Nicobar
Islands, Lakshadweep, Dadra and Nagar Haveli, Daman and Diu and
Chandigarh are governed by UTGST Act, 2017.

Note: Union territories such as Delhi and Puducherry have their own legislature
hence are governed under SGST and not under UTGST.

What is the meaning of "Goods" under GST?

Goods in GST means every kind of movable property like pen, car, food,
animals etc. It also includes actionable claims and growing crops or grass,
although these things are not normally construed as movable and are attached
to earth. Reason for the same being, these things can be sold separately or sold
under a combined contact with land. But, goods in GST does not include

Money

Securities

The definition of goods has been given under section 2(52) of CGST Act 2017

What is the meaning of "Services" under

GST?
Services under Goods and Service Tax means anything which is NOT

Goods,

Securities,

Money

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But activities like the conversion of money by money exchanges or authorized

dealers for a service charge or fee is included under the ambit of Service. The
definition of service has been given under section 2(102) of CGST Act 2017.

Are all goods and services covered under

GST? Which goods and services have been
excluded from the GST coverage?
Goods and Service Tax has covered broadly each and every good under its
ambit. The two exceptions remaining out of the purview of GST for the time
being are

Petroleum Products

Alcoholic liquor

Talking about services there is a notified list given by the government to which
GST does not apply

1. Sale of Land and Building

2. Court or Tribunal services

3. Services by an employee to the employer (in relation to

employment)

4. Duties performed by
Members of Parliament, State Legislature, Panchayats,
Municipalities, Local Authorities etc (MPs, MLAs, etc)

Person holding post as per Constitutional provisions

Chairperson, Director, Member of a government or local

body establishment (except employees)

5. Actionable Claims like bill of exchange etc (excluding Betting,

Lottery and Gambling)

6. Services of Funeral, Burial, Crematorium, Mortuary (including

transportation of the deceased)

What are the GST Tax Rates in India?

Though GST was out looked as One Nation, One Tax, and One Rate but the
latter part could not be successfully implemented. Numerous reason contributed
to the same such as economic disparities in India, people’s attitude to accept
change, the feasibility of merging existing varied tax rates into one etc. As a
result Goods and Service Tax was introduced in India with different tax rates.
The GST Tax Rates for Composition Taxpayers are-

1% – For Traders and manufacturers

5% – For Suppliers of Food and Beverages Services (Restaurants etc.)

The GST Tax Rates prescribed for Goods are-

0.25%

3%

5%– Coal, Household necessities, Cashew, Ice, Atta Chakki, Hearing

aids, Medicines,, etc

12%- Books, Notebooks, Intraocular Lenses, Processed food, Ketchup,

Playing Cards, and Computer, etc 
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18%- Aluminium foil, CCTV, Set Top Box, Swimming Pools, Kajal stick,
Printer (without multifunctions), Toothpaste, soap, hair oil,, and industrial
goods, etc

28%- The highest tax rates for goods under GST applies on products like
Luxury bikes, cars, cigarette, aerated drinks, air conditioner, refrigerator,
etc

Also, the cess has also been implemented for some categories. For Services, the
prescribed GST Tax Rates are-
5%- Applicable on services like rented cabs, railways, goods transport
services, advertisements in print media, specified job work, etc

12%- Popular Services covered under this category are business class
air travel, accommodation with tariff ranging between Rs 1,000 to Rs
2,500 or non-air-conditioned restaurants

18%- This is the most widely applicable rate for services. It applies to
Outdoor catering, Specified construction services + on all others for
which a rate has not been prescribed specifically. I.e., it is a general rate
for taxation of services under GST

28%- The highest tax rate applies to luxuries like luxurious hotels, go-
karting, race clubs, entertainment entries like amusement parks,
gambling, etc.

The rates have kept changing since the introduction of GST and are supposed
to evolve more over time. More harmonization in rates can be witnessed in the
next financial year, but the dream of One Rate is yet far to be fetched. To check
the tax rate of your goods/services, click here..

Who is required to register under GST?

For registration under Goods and Service tax in India, the government has
prescribed an exhaustive list. Which can be better understood in these two parts

Registration on Turnover Basis Mandatory

registration(No turnover
limit applies)

Suppliers with an annual aggregate The person paying tax

turnover exceeding Rs.20 Lakhs – including under RCM (Reverse
J & K(From 1 April 2019 this limit has been Charge Mechanism)
revised as For Supplier of goods – Rs 40
CTP (Casual Taxable
Lakhs For Supplier of services – Rs 20
Person)
Lakhs) Rs.10 Lakhs other North-Eastern
States except J & K. Note: Turnover shall
NRTP (Non-Resident
be sum total of all sales whether intrastate,
Taxable Person)
interstate, export, exempted or NIL rated
etc The agent of a principal

Notified E-commerce
operator

ISD (Input Service

Distributor)

TDS deductor

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CTP dealing in handicrafts shall get Those giving OIDAR

registration if turnover exceeds Rs 20 lakh (Online Information and
threshold Database Access or
Retrieval) services from
outside India to a non-
registered person in India.

Those selling through e-commerce operator Who was already

– 20 lakh condition apply registered under old
indirect tax laws

What is the GST Compensation Cess?

As GST is a consumption-based tax, and the revenue goes to the treasury of the
state where goods are finally consumed. The same proved out to be an issue for
states having main capacities in manufacturing. Goods and Service Tax
Compensation Cess, as the name suggests, has been introduced to
compensate states facing the problem of lower revenue collections. It is levied
on certain notified goods like

Cigarettes

Tobacco

Coal

Aerator water

Motor vehicle etc

Compensation Cess or GST Cess has been introduced for 5 years from the date
of GST implementation in India. It is collected from all taxpayers dealing with
notified goods (except composition dealers) at a certain % of the transaction
value of goods and, later on, distributed amongst the compensated states.

Compensation Cess is like all other GST taxes and its input tax credit is also
available. But, can be adjusted only against Compensation cess and no inter-
head set-offs are allowed.

How GST will be beneficial?

The Goods and Service Tax has brought manifold synergies to the entire tax
regime. GST can be overlooked as a boon to both stakeholders and the
government by minimizing compliance requirements at both ends. Which will
resultantly bring into effect increased economies of overall national resources?
Let us understand one on one forecasted benefits of GST

The cascading effect has been mitigated:

One of the major drawbacks in the indirect tax system was the cascading effect,
i.e., the tax imposed on taxes paid at an earlier stage. For example, A
manufacturer was required to pay excise on raw materials + VAT was also
imposed when the finished goods were sold. The excise so paid at an earlier
stage formed part of the cost of raw material, and hence when the final payout
for VAT was made, it included a component of excise on which VAT is being
paid.GST has given the freedom to taxpayers from this biggest ill of the tax
system.

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Multiple taxes have been evaded:

Previously, there were so many different indirect taxes levied both at the Central
and State level. GST has come as a common roadmap which has subsumed
various Central And State Levies like Excise, VAT (except on some products),
Sales tax, Entertainment tax etc

The classification has become easier:

Before GST was implemented, there were a lot of litigations on whether a supply
is a good or service and the same involved a lot of debates, cost, and
operational difficulties. For Example a free service with a car and a nominal
amount charged for it, etc. With the introduction of GST, all these seem to have
ended, because GST has just one concept that is supply and the year-old fights
over goods or services are no longer in existence.

Push to ‘Make in India’ initiative:

Introduction of GST is foreseen to bridge the gap between international and
domestic market prices of the commodities, through the reduced burden of
taxes. Which can proactively be seen as a base to grow in domestic industries
and support the Government’s “Make in India” initiative.

Boost to the Government Revenue:

Increased transparency and easy compliances through GST have also led to
effective monitoring by the authorities. Resultantly, over the time span, it can be
traced in revenue collections by the tax department.

A unified national market:

The foundation of GST lies in submerging different taxes prevalent on different
levels in the Indian economy into ONE single tax i.e., Goods and Service Tax.
GST aims to build a common platform and a unified national market by
integrating economic barriers.

Commonly used GST Abbreviations and their

Full Forms

Abbreviation Full Form

BG Bank Guarantee

FI Financial Institution

JV Joint Venture

MF (DR) Ministry of Finance (Department of Revenue)

PC Principal Commissioner

Rs. Rupees

AAR Authority for Advance Ruling

AOP Association of Persons

ARN Application Reference Number (or Acknowledgement

Reference Number)
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B2B Business to Business

B2C Business to Customer

BOI Body of Individuals

BRC Bank Realisation Certificate

CIF Cost, Insurance & Freight paid

CIN Challan Identification Number

DBK Duty Drawback

ECL Electronic Credit (or Cash) Ledger

ELR Electronic Liability Register

EOU Export Oriented Unit

EWB E-way Bill

FOB Free on Board

FSI Floor Space Index

FTP Foreign Trade Policy

GOI Government of India

GST Goods and Services Tax

GTA Goods Transport Agency

GTO Goods Transport Operator

HSN Harmonised System of Nomenclature

HUF Hindu Undivided Family

ICD Inland Container Depot

IDC Internal Development Charges

IEC Import Export Code

ISD Input Service Distributor

ITC Input Tax Credit

LLP Limited Liability Partnership

LUT Letter of Undertaking (for export of goods)

NAA National Anti-Profiteering Authority

OTP One Time Password

PAN Permanent Account Number

PLC Prime Location Charges

POS Place of Supply

RBI Reserve Bank of India

RCM Reverse Charge Mechanism

SAC Service Accounting Code

STP Software Technology Park

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TCS Tax Collection at Source

TCS-1 Third Country Shipment (TCS)- International trading in

Goods

TDR Transferable Development Rights (of land)

TDS Tax Deduction at Source

TOS Time of Supply

TRU Tax Research Unit in CBI&C

UIN Unique Identity Number

UJV Unincorporated Joint Venture

URD Un-Registered Dealer

USD United States Dollar

AAAR Appellate Authority for Advance Ruling

CBDT Central Board of Direct Taxes

CBIC Central Board of Indirect Taxes and Customs

CGST Central Goods and Services Tax

DFIA Duty Free Import Authorisation

DGFT Director General of Foreign Trade

EPCG Export Promotion Capital Goods Scheme

IGST Integrated Goods and Services Tax

NBFC Non-Banking Financial Company

NEFT National Electronics Fund Transfer System

RCMC Registration cum Membership Certificate ( from Export

Promotion council)

RERA Real Estate( Regulation Development) Act, 2016

RFID Radio Frequency Identification Device

RREP Residential Real Estate Project

RTGS Real Time Gross Settlement

SGST State Goods and Services Tax

CENVAT Central Value Added Tax

CESTAT Customs, Excise and Service Tax Appellate Tribunal

GSTIN Goods and Services Tax Identification Number (GST

Registration Number )

ICEGATE Indian Customs Electronic Commerce/Electronic Data

interchange (EC/EDI) Gateway

NACIN National Academy of Customs, Indirect Taxes and

Narcotics

OIDAR Online information and database access or retrieval

services 
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UTGST Union Territory Goods and Services Tax

Frequently Asked Questions (FAQs)

Q - How a particular transaction of goods and services would be taxed

simultaneously under Central GST (CGST) and State GST (SGST)?
In case of intra state (within the same state) supply of goods and services, both CGST & SSGT is
charged which implies that half of the tax you pay will go to the state treasury while the other half
goes to the central government treasury.

Q - How GST returns will be filed?

GST Returns can be filed online. You can either prepare and submit these returns online through
Government Portal or use the offline utilities. Also, there are various third party softwares which can
help you in filing GST returns with ease.

Q - What are the benefits available to small tax payers under the GST
regime?
Composition scheme is available for small taxpayers which is simple & easy wherein there is less
compliance, limited tax liability and requirement to furnish quarterly returns.

Q - What is HSN & SAC under GST?

Harmonized system of Nomenclature (HSN) and Services Accounting Code (SAC) are meant to
standardise the classification of goods & services in a systematic and logical manner.

Q - How are the disputes going to be resolved under the GST regime?
This problem is to be resolved with the help of Advance ruling and introduction of new schemes like
Sabka Vishwas (Legacy Dispute Resolution Scheme, 2019).

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in.
 Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he
worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has
 handled various national and international assignments.

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