GST & Tally Glossary
Your comprehensive guide to GST, TallyPrime, and accounting terminology. Find clear definitions for business terms used in Indian taxation and accounting.
Showing 77 terms
No terms found
Try adjusting your search or filters
Popular Terms
Common Questions
What is GSTIN?
GSTIN (GST Identification Number) is a unique 15-digit code assigned to every registered taxpayer under GST in India. The first two digits represent the state code, followed by PAN number, entity number, and a check digit. Read more →
What is Input Tax Credit (ITC)?
Input Tax Credit (ITC) is a mechanism that allows businesses to claim credit for the GST paid on purchases (inputs) against the GST liability on sales (outputs). This prevents tax-on-tax or cascading effect. Read more →
What is an HSN Code?
HSN (Harmonized System of Nomenclature) is an internationally standardized system of names and numbers for classifying traded products. HSN codes are used in India for goods under GST to determine applicable tax rates. Read more →
What is TallyPrime?
TallyPrime is the latest version of Tally software, offering powerful business management capabilities including accounting, inventory management, GST compliance, payroll, banking, and reporting for businesses of all sizes. Read more →
What is the difference between CGST, SGST, and IGST?
CGST (Central GST) and SGST (State GST) are levied together on intra-state transactions, while IGST (Integrated GST) is levied on inter-state transactions. CGST goes to the Central Government, SGST to State Government, and IGST is apportioned between both.
Need Help with GST Compliance?
Our TallyPrime experts can help you set up proper GST configuration, file returns, and manage compliance effortlessly.