Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and is applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.

The single GST(goods and service taxes) replaced several former taxes and levies which included: central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi.

GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services. India adopted a dual GST model, meaning that taxation is administered by both the Central and State Governments. There are 4 applicable taxes under GST – IGST, CGST, SGST & UTGST

HSN or “Harmonized System of Nomenclature,” code used to systematically name and classify goods for taxation and trade. It was developed by the World Customs Organization (WCO) and serves as the global standard for categorizing over 5,000 products, playing a vital role in international trade and tax regulation.

SAC and HSN codes are two systems of classification used for goods and services under the GST regime in India or the GST State Code List. They both identify the nature and value of the taxable items and services and ensure uniformity across the country. HSN codes must be declared on GST invoices.

eWay Bill or an Electronic Way bill is required for movement of goods under GST. Transporters should carry an eWay Bill when moving goods from one place to another, valid across India if value of consignment exceeds a specified limit.

e-Invoicing under GST denotes electronic invoicing defined by the GST law applicable to certain notified GST-registered businesses which must generate an e invoice for Business-to-Business (B2B) transactions. The e-Invoice System is for a GST registered person to upload all the B2B invoices to the Invoice Registration Portal (IRP). The IRP generates and returns a unique Invoice Reference Number (IRN), digitally signed e-invoice and QR code to the user.