GST Calculator Online
The GST Calculator helps you determine the Price for gross or net products depending on the amount and gives you a split of percentage-based GST rates. It helps divide the rate between CGST and SGST or calculate IGST accurately.
The parliament passed the goods and services tax Act on March 29, 2017, and implemented it on July 1. The GST is an indirect tax charge by India on all goods and services purchased within its jurisdiction. It is a single tax that eliminates multiple indirect taxes of the previous rule, such as Excise Duty sales tax, VAT.
What is GST?
The goods and services tax (GST) has levied on goods and services sold in the country for personal consumption. The tax has included in the customers' final Price at the point of sale. And it is IT that the seller has passed on to the government.
How can a GST calculator help you?
Everything you purchase, be it a service or product, is taxed under the goods and service tax amount.
- It provides an accurate estimate of the amount of tax you must pay.
- It helps you save time in the GST calculation.
- It eliminates the possibility of any fraudulent activities if you are a knowledgeable consumer who understands their taxes.
The formula for GST
To calculate GST, the GST calculator employs a standard method. This calculator has two functions: adding GST & removing GST from the total item price.
GST amount= (Price x GST%)
Net price = product cost + GST amount
Example
if a product or service costs Rs. 100, the applicable GST rate is 18%. 100 x 18% = Rs. 18 is the GST amount. The total amount you'd have to pay is Rs. 118.
The following formula has used to deduct GST from a product's net Price:
GST = Original Cost - [Original Cost multiplied by 100/(100+GST%)]
Net Price = Original Cost - GST
Example
suppose the Cost of a product after 18% GST is:
Rs. 118, its actual Cost is 118 – [100/(100 + 18%)}], which equates to Rs. 100.
How to use the GST calculator?
You can use the GST calculator online.
- Put the variables: Original Cost and GST percentage into the formula.
- The GST amount will show right away.
GST Calculator Advantages:
- The tax amount you are paying can calculate.
- Time will save because it is accurate and quick.
- You continue to be safe from any fraudulent activity that can result from incorrect GST computations.
Conclusion:
GST has fundamentally changed the tax rule in India. Every enterprise, regardless of its size or area of operation, now falls under the same tax sunshade throughout India. Use the GST calculator online to determine how much tax you pay for the goods and services you purchase.
FAQ'S
What is the GST calculator?
A GST calculator calculates the payable GST for a specific period.
What are the three types of GST?
Currently, the types of GST in India are CGST, SGST, UTGST and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes.
Who can use the GST calculator?
People connected with any trade can use the GST calculator - buyer, manufacturer, and wholesaler.
What is the GST tax rate?
GST rates in India for various goods and services has divided into four slabs:
- 5% GST
- 12% GST
- 18% GST
- 28% GST