Library / Goods and Services Tax: The Professional's Master Guide

Appendix I: Glossary

Terms and abbreviations used in this book, in alphabetical order. Section references are to the CGST Act unless stated.

Term	Meaning
AAR, AAAR	Authority and Appellate Authority for Advance Ruling
AATO	Annual aggregate turnover
Actionable claim	Claim to an unsecured debt or beneficial interest in movable property
Aggregate turnover	All supplies on one PAN, as defined in section 2(6)
Annual return	GSTR-9 under section 44
ASMT	Assessment forms, including scrutiny notice ASMT-10
Bill of supply	Document for exempt supplies or by composition taxpayers
B2B, B2C	Business to business; business to consumer
Capital goods	Goods capitalised in books and used in business
CBIC	Central Board of Indirect Taxes and Customs
Casual taxable person	Person supplying occasionally in a State where he has no fixed place
CGST, SGST, UTGST, IGST	Central, State, Union territory and Integrated GST
Composite supply	Naturally bundled supply with a principal supply (section 2(30))
Composition levy	Optional scheme under section 10 for small taxpayers
Consideration	Payment in money or kind for a supply (section 2(31))
Continuous supply	Supply under contract over a period with periodic payment
Credit note	Document reducing value or tax of an earlier invoice (section 34)
Debit note	Document increasing value or tax of an earlier invoice
Deemed export	Notified supplies within India treated as exports (section 147)
Distinct person	Registrations of the same PAN in different States (section 25(4))
DRC	Demand and recovery forms
E-invoice	Invoice registered on the IRP with IRN and QR code
E-way bill	Electronic document for movement of goods (rule 138)
ECO	Electronic commerce operator
Exempt supply	Nil rated, wholly exempt or non-taxable supply (section 2(47))
Export of services	Supply meeting section 2(6) of the IGST Act
FIRC	Foreign inward remittance certificate
Fixed sum method	QRMP method of paying 35% of last quarter's cash tax
GSTAT	Goods and Services Tax Appellate Tribunal
GSTIN	Fifteen-character GST identification number
GSTN	Goods and Services Tax Network, which runs the portal
GSTR-1A	Form to amend current period outward supplies before GSTR-3B
GSTR-2B	Static monthly ITC statement
GTA	Goods transport agency issuing consignment note
HSN	Harmonised System of Nomenclature for goods
IFF	Invoice Furnishing Facility for QRMP taxpayers
IMS	Invoice Management System for accepting or rejecting inward invoices
Input	Goods other than capital goods used in business
Input service	Service used or intended to be used in business
Intermediary	Broker or agent arranging supply between others (section 2(13) of IGST Act)
Inverted duty structure	Tax on inputs higher than tax on output
IRN, IRP	Invoice reference number; invoice registration portal
ISD	Input Service Distributor
ITC	Input tax credit
Job work	Processing of goods belonging to another registered person
LUT	Letter of Undertaking for zero-rated supply without payment of tax
Mixed supply	Separate items sold for one price, not naturally bundled (section 2(74))
NRTP	Non-resident taxable person
OIDAR	Online information and database access or retrieval services
Open market value	Full value of an unrelated arm's length supply at the same time
Place of supply	State where the supply is taxed; decides IGST or CGST and SGST
Proper officer	Officer assigned the function by the Commissioner
Pure agent	Person incurring costs for another as agent (rule 33)
QRMP	Quarterly Return Monthly Payment scheme
Related person	Persons with specified control or interest (explanation to section 15)
Reverse charge	Recipient liable to pay tax (section 2(98))
RFD	Refund forms
SAC	Services Accounting Code
SCN	Show cause notice
SEZ	Special Economic Zone
Specified premises	Hotel that supplied any unit above Rs. 7,500 per day in the preceding year, or opted in; decides the restaurant rate
Supply	All forms of supply for consideration in business, plus Schedule I items (section 7)
TCS	Tax collected at source by ECO (section 52)
TDS	Tax deducted at source by notified bodies (section 51)
Taxable person	Person registered or liable to register (section 2(107))
Time of supply	Point when tax liability arises (sections 12 to 14)
Transaction value	Price actually paid or payable where parties are unrelated (section 15)
UIN	Unique identity number for embassies and UN bodies
Works contract	Contract for building or work on immovable property with transfer of goods (section 2(119))
Zero-rated supply	Exports and supplies to SEZ (section 16 of IGST Act)