GST, Company Law & Tax Glossary

Plain-English definitions of the terms you encounter in Indian business, taxation and compliance.

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Advance Tax — Advance tax is the income tax that a taxpayer pays in advance — during the financial year in which income is earned — rather than in a lump sum at the time of filing the income tax return. The concept
Authorised Share Capital — Authorised share capital (also written as "authorised capital") is the maximum amount of share capital that a company is permitted to issue to shareholders, as specified in the Memorandum of Associati

DIN (Director Identification Number) — DIN stands for Director Identification Number. It is a unique 8-digit numerical code issued by the Ministry of Corporate Affairs (MCA) to every individual who is or intends to be a director of a compa
DSC (Digital Signature Certificate) — A Digital Signature Certificate (DSC) is an electronic form of a signature issued by a licensed Certifying Authority (CA) in India. It cryptographically verifies the identity of the signer and ensures

GST — Goods and Services Tax — GST (Goods and Services Tax) is a comprehensive, multi-stage, destination-based indirect tax levied on every value addition in the supply chain of goods and services in India. It replaced a complex we
GSTIN (GST Identification Number) — GSTIN stands for Goods and Services Tax Identification Number. It is the unique identification code assigned to every business or individual registered under the Goods and Services Tax (GST) regime in

Input Tax Credit (ITC) Under GST — Input Tax Credit (ITC) is the mechanism under GST that allows a registered business to reduce its GST output liability by the amount of GST it has paid on its purchases and inputs. In other words, the
ITR (Income Tax Return) — ITR stands for Income Tax Return. It is the form filed by taxpayers in India with the Income Tax Department to declare their income for a financial year, claim applicable deductions and exemptions, co

LTCG (Long-Term Capital Gains) — LTCG stands for Long-Term Capital Gains. Under the Income Tax Act, 1961, a capital gain is the profit arising from the sale (transfer) of a capital asset. Whether the gain is classified as long-term o

MoA and AoA of a Company — The Memorandum of Association (MoA) and Articles of Association (AoA) are the two foundational constitutional documents of every company registered in India under the Companies Act, 2013. They define

PAN (Permanent Account Number) — PAN stands for Permanent Account Number. It is a 10-character alphanumeric identifier issued by the Income Tax Department of India to every taxpayer — individuals, companies, partnerships, trusts, for