GST - the Goods and Services Tax, is an indirect tax in India.
With its origin, it has replaced many other indirect taxes in India such as VAT, CST, central excise duty, service tax and so on. GST is levied on the sale of goods and services in the country. GST is collected at the point of consumption and not at the point of origin unlike other taxes.
GST is a comprehensive, multi-stage, destination-based tax. This is levied on every value addition. The law governing GST was passed in the parliament on the 29th of March 2017 and it was implemented across the country on the 1st of July 2017.
GST majorly consists of the following tax slabs:
0% 3% 5% 12% 18% 28%
Certain products and services like petroleum products, high-speed diesel, motor spirit, natural gas, aviation turbine fuel, and alcoholic liquor for human consumption do not come under GST. These products and services are taxed by the individual State Governments, as per their tax policies.
What is GST Calculator ?
GST calculator is an online ready-to-use calculator to compute the payable GST payable for a month or quarter depending on the amount. This calculator is apt for use by users all types of trade - buyers, sellers etc.
Advantages of GST Calculator
The simplified GST calculator helps you determine the price for gross or net product depending on the amount and gives you a split of percentage-based GST rates. It helps give the division of the rate between CGST and SGST or calculate IGST accurately.
Formulae for GST calculation
Any business, manufacturer, wholesaler and retailer can calculate GST easily with the help of the following formula:
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What are different tax heads under GST?
GST can be categorised under four heads such as Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST). IGST is charged for interstate supplies where the place of supply is in different State compared to the location of the supplier. Equal rate of CGST and SGST(approximately half the GST rate applicable for IGST) is charged for intrastate supplies where the place of supply is in the same State compared to the location of the supplier.
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What is GST Inclusive amount?
GST inclusive amount refers to the total value of the product after including the GST amount in the original value of the product. The tax is not charged separately from the customer.
WWhat is GST Exclusive amount?
GST Exclusive amount refers to the value of the product by subtracting the GST amount from the GST Inclusive value of the product.
