Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Goods and Services Tax is a unified indirect tax levied on supply of goods and services across India, replacing multiple earlier taxes.
GST is the tax on most things you buy and services you use — built into restaurant bills, phones, and professional fees.
Multi-stage destination-based tax with input tax credit chain. Rates 0%, 5%, 12%, 18%, 28% plus cess on sin/luxury goods. CGST+SGST on intra-state; IGST on inter-state. GSTR filings mandatory for registered businesses.
Consultant invoices ₹1,00,000 + 18% GST ₹18,000. Client pays ₹1,18,000; consultant remits GST after adjusting input credit on office rent and software GST paid.
GST is indirect tax included in prices. Employees do not file GST unless running business or freelance above registration threshold.
Threshold limits apply for mandatory registration — verify current turnover limits for goods vs services as notified by CBIC.
Loan principal and interest are financial supplies generally exempt from GST. Processing fees may attract GST.