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Business terms, explained plainly.
Find plain-language explanations of accounting, payroll, lending and API terms. India-specific tax and payroll terms are clearly identified.
- GST
- Goods and Services Tax: an indirect tax on the supply of goods and services in India.
- GSTIN
- Goods and Services Tax Identification Number: the identifier for a GST registration.
- GSTR-1
- A statement of outward supplies used in GST reporting.
- GSTR-2B
- An auto-drafted input tax credit statement used when reconciling purchases and supplier reporting.
- GSTR-3B
- A summary GST return for reporting liabilities and eligible input tax credit.
- Input tax credit (ITC)
- Credit for eligible tax paid on business purchases, subject to applicable conditions.
- HSN
- Harmonised System of Nomenclature: a classification system used to identify goods.
- TDS
- Tax deducted at source: tax withheld from specified payments and paid to the government.
- PF
- Provident fund: a retirement savings arrangement funded through applicable employee and employer contributions.
- ESI
- Employees’ State Insurance: a social insurance scheme for eligible employees.
- NBFC
- Non-banking financial company: a financial institution operating within the applicable regulatory framework.
- LOS
- Loan origination system: software that manages a loan application from collection of information through assessment and approval.
- Co-lending
- A lending arrangement in which participating lenders share funding and servicing responsibilities under an agreement.
- KYC
- Know Your Customer: checks used to establish a customer’s identity and assess onboarding requirements.
- EMI
- Equated monthly instalment: a regular loan repayment containing principal and interest.
- DPD
- Days past due: the number of days a scheduled payment has remained unpaid after its due date. For example, a payment overdue by five days has a DPD of five.
- CKYC
- Central Know Your Customer: a centralised repository of customer KYC records. A CKYC identifier helps participating institutions refer to a customer’s record.
- UAN
- Universal Account Number: an identifier used to link an employee’s provident fund member accounts across employments.
- API
- Application programming interface: a defined way for software systems to exchange requests and data.
- Universal Lending Interface
- Automis ULI, the Automis product for lending integrations and credential governance. RBI’s Unified Lending Interface is a separate initiative.
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