GST Tax Calculator India

GST is a form of indirect tax imposed on the provision of goods and services. GST came into force on 1 July 2017, following the passage of the bill on 29 March 2017. It replaced most indirect taxes, including VAT, customs tariffs, surcharges, and much more. Some products, such as alcoholic beverages, petroleum products, and more, are not charged under the GST.

 

The GST shall be charged on the products and services required for the selling of most goods and services. End-users or consumers pay a GST, but those that sell those goods or services are remitted to the State body concerned. Essentially, this tax is what makes countries prosperous. With our free GST Tax Calculator India, you can conveniently test your GST. It is easy to browse and does not require registration.

 

The current rate of GST in India is 18%. However, some luxury goods are taxed at 28 percent, while some goods and services are taxed at 0 percent, 5 percent, and 12 percent. Each company will obtain a specific GST number after registration under the GST policy. There are various types of GST obtained by the government.

 

Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Replacing all indirect taxes in India, GST has been established as a single tax regime in India since 1 July 2017. GST is a destination, systematic and multi-stage tax dependent on every addition of value. The GST Act was introduced by the Central Government at the Budget Session in 2017 and was later approved by Parliament on 29 March 2017. Any of the secondary taxes that have been eliminated are VAT, Federal Excise Duty, Octroi, and Entry Fee.

 

The goods and services tax is split into five separate tax rates, i.e. 0 percent, 5 percent, 12 percent, 18 percent, and 28 percent. However, certain goods are not taxed under the GST, such as alcoholic beverages, gasoline, and electricity. The particular state government charges a levy on these goods on the basis of the previous tax regime. In order to be registered under the GST, a big and small company must have a GST registration number. In the event of any exchange containing any form of inter-state sales, the integrated GST shall be paid. In the case of some kind of intra-state transactions, the central GST, as well as the State GST, shall be levied.

 

What are the various heads of tax under the GST?

 

GST is classified into four different headings. Taking a look at the various forms of GST obtained by the Government.

 

• Central GST: compiled by the Government of Central America.

• State GST: obtained by the Administration of the State.

• Union Territory GST: obtained by the Administration of the Union Territory.

• Integrated GST: obtained by the Central Government for import and inter-state purchases.

 

Integrated Goods and Services Tax is charged on interstate supplies where the position of the producer is separate from the place of supply. An equivalent rate of SGST and CGST, which is roughly half the rate of GST, is valid as an IGST for intrastate supply where it is current.

 

GST Calculation Formula

The formula for GST calculation is quite easy. 

Where GST is added to the base amount:

GST Amount = (Value of supply x GST%)/100

Net Price = Value of Supply + GST Amount

Where GST amount is included in the value of supply:

GST Amount = Value of supply – [Value of supply x {100/(100+GST%)}]

Net Price = Value of Supply — GST Amount

An example to illustrate how to calculate the GST amount: 

• Let’s say the value of the supply of goods is INR 1000.

• The standard GST rate in India is 18%. To calculate the tax amount, multiply the value of supply by GST rate i.e., INR 1000 * 18% = INR 180

• So the total cost of goods round up to INR 1000 + INR 180 = INR 1180

 

Advantages to the GST Calculator

 

With the aid of the GST calculator, taxpayers will calculate the net and gross price of the good on the basis of the percentage GST rate. With the aid of the GST calculator, the IGST can be precisely measured as it helps to bifurcate the rate between the CGST and the SGST. With the aid of the GST calculator, one can not only save time but also avoid making a mistake when measuring the overall cost of products and services.

 

To delete the GST from the simple number,

GST Number = Original Cost-(Original cost X (100/(100+GST%)))

 

Net Price= Initial GST Number

 

What is the Inclusive number of GST?

Items and Services Tax inclusive sum denotes the overall value of the goods after addition of the amount of GST in the original value of the commodity. The inclusive tax shall not be paid to the consumer.

 

What is the Exclusive number of GST?

Goods and Services Tax Exclusive rate denotes the value of the goods by subtracting the amount of GST from the inclusive value of the GST product.