India Localization SuiteTax Terms and Definition

  1. Aadhar Number : Aadhaar is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI) to the residents of India.
  2. Goods and Services Tax (GST) : GST is an indirect tax imposed in India on the supply of goods and services, right from the manufacturer to the consumer. It is a consumption-based and destination-based tax; therefore taxes are paid to the state where the goods and services are consumed and not the state in which they were produced.
  3. Bill of Entry : Under GST regulations, it is a declaration form filled by the importer with the Customs department.
  4. Unique Quantity Code(UQC) :It is a unit of measurement that is required to be mentioned in a transaction. According to CGST Rules, any tax invoice, credit note, or debit note must have UQC or quantity unit

5. Central Goods and Services Tax (CGST) :This is the tax to be collected by the Central Government on an intrastate sale.

6. Permanent Account Number (PAN) : It is a 10–digit alphanumeric number issued by the India Income Tax Department. It is issued to all judicial entities under the Income Tax Act 1961.

7. Challan : Is an official form as a way of crediting the money to one’s bank account, generally used in India as a receipt for payment or delivery.

8. Reverse Charge : Under GST regulations, it is where the recipient of the goods or services is liable to pay GST instead of the supplier.

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