A debt mutual fund that invests exclusively in government securities issued by the central and state governments
India's unified indirect tax introduced on 1 July 2017
A lump sum payment made by an employer to an employee upon retirement
A mutual fund payout option where profits are not distributed but reinvested back into the scheme
A scheme periodically announced by the government to allow non-compliant taxpayers to regularise their GST filings by paying outstanding dues with reduced or waived penalties and late fees. Provides relief to small taxpayers who have defaulted on return filing due to financial or technical difficulties.
An examination of the records
A constitutional body comprising the Union Finance Minister and state finance ministers that recommends GST rates
A unique 15-digit alphanumeric number assigned to every GST-registered business. The first two digits represent the state code
A person authorised by GSTIN-registered taxpayers to perform GST compliance activities on their behalf
The process of claiming back excess GST paid to the government
The minimum aggregate turnover beyond which a business must mandatorily register under GST — ₹40 lakh for goods suppliers in most states (₹20 lakh for special category states) and ₹20 lakh for service providers (₹10 lakh for special category states). Voluntary registration is allowed below the threshold.
A prescribed form for reporting business sales