CMA Intermediate GST & Customs Review

Comprehensive vocabulary flashcards covering GST concepts, supply rules, charge mechanisms, ITC, registration, and Customs Law based on the CMA Intermediate New Syllabus.

Destination-based Tax

A tax system where tax accrues to the taxing authority with jurisdiction over the place of consumption (place of supply), rather than the place of origin.

Dual GST

A tax model implemented in India where both the Central and State governments simultaneously levy GST on a common tax base through $CGST$ and $SGST$/$UTGST$.

Inter-State Supply

Any supply where the location of the supplier and the place of supply are in different States or Union territories, making it subject to Integrated Goods and Services Tax ($IGST$).

Composite Supply

A supply consisting of two or more taxable supplies of goods or services, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, where one is a principal supply.

Mixed Supply

Two or more individual supplies of goods or services made in conjunction with each other by a taxable person for a single price, which does not constitute a composite supply.

Related Persons

Individuals deemed related under GST if they are members of the same family, such as a spouse, children, or dependent parents, grandparents, brothers, and sisters.

Input Tax Credit (ITC)

The credit of input tax (Central tax, State tax, Integrated tax, or Union territory tax) charged on a supply of goods or services made to a registered person for business purposes.

Reverse Charge

The liability to pay tax by the recipient of the supply of goods or services instead of the supplier under Section $9(3)$ or Section $9(4)$ of the $CGST$ Act.

Composition Levy

A simplified tax scheme for small taxpayers whose aggregate turnover in the preceding financial year did not exceed $1.5$ crore ($75$ lakh in specific Special Category States).

Exempt Supply

Supply of goods or services which attracts a nil rate of tax or is wholly exempt from tax under Section $11$ or Section $6$ of the $IGST$ Act, including non-taxable supply.

Transaction Value

The price actually paid or payable for the supply of goods or services when the supplier and recipient are not related and price is the sole consideration, used as the basis for value of supply under Section $15(1)$.

Time of Supply

The point in time when the liability to pay tax arises under GST law, determined separately for goods and services.

Continuous Supply of Service

A supply of service provided continuously or on a recurrent basis under a contract for a period exceeding $3$ months with periodic payment obligations.

Electronic Cash Ledger

An online ledger on the GST portal that records all cash deposits made by the taxpayer for payment of tax, interest, penalty, fees, or any other amount.

Electronic Credit Ledger

An online ledger reflecting the Input Tax Credit ($ITC$) as self-assessed in the monthly returns by a registered person.

Tax Collection at Source (TCS)

The amount collected by an electronic commerce operator under Section $52$ at a rate not exceeding $101$ from the net value of taxable supplies made through it by other suppliers.

Final Return

A return required to be filed by every registered person who applies for cancellation of registration within $3$ months of the date of cancellation or date of cancellation order.

Bill of Supply

A document issued by a registered person supplying exempted goods or services, or by a person paying tax under the composition scheme, in lieu of a tax invoice.

Assessable Value (Customs)

The value of imported or export goods determined under Section $14(1)$ of the Customs Act, typically the transaction value adjusted for specific costs like freight and insurance.

C.I.F. Value

Cost, Insurance, and Freight; the total value of imported goods including the cost of the machine at the factory, transport to the port, and charges for insurance and freight.

F.O.B. Value

Free On Board; the value of goods at the port of shipment, including all costs up to the port of shipment but excluding international freight and insurance.

Anti-Dumping Duty

A duty levied to promote local industry and curb imports sold at less than fair value to ensure India is not used as a dumping ground.

Safeguard Duty

An emergency duty imposed when a product is being imported into India in such increased quantities as to cause or threaten serious injury to domestic industry.

Demurrage

Charges levied by port authorities if goods are not cleared within a specified time (e.g., $3$ days of unloading).

GFA (General Free Allowance)

The specific value of baggage (e.g., $50,000$ per passenger) that can be brought into India duty-free by a passenger.