Glossary
Key terms related to quotations, invoicing, GST compliance, and business finance in India.
CGST
Central Goods and Services Tax - Tax levied by the Central Government on intra-state supplies of goods and services.
Credit Note
A document issued by a seller to a buyer, indicating a reduction in the amount owed, typically for returned goods or billing errors.
GST
Goods and Services Tax - A comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services across India.
HSN Code
Harmonized System of Nomenclature - A six-digit uniform code developed by the World Customs Organization to classify goods.
IGST
Integrated Goods and Services Tax - Tax levied by the Central Government on inter-state supplies of goods and services.
Invoice
A commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices.
Proforma Invoice
A preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods, describing the items and their costs.
Purchase Order
A commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.
Quotation
A formal statement of the estimated cost for a particular job or service, sent to a potential client before work begins.
SGST
State Goods and Services Tax - Tax levied by the State Government on intra-state supplies of goods and services.