What is GST?
An indirect tax known as the Goods and Services Tax (GST) is imposed on the provision of goods and services. Every value addition is subject to the GST, a comprehensive, multi-stage, destination-based tax. GST replaced the nation's indirect taxes on July 1st of this year. By GST, products and services are taxed at five different rates: 0%, 5%, 12%, 18%, or 28 %. However, some goods, like those derived from petroleum, alcoholic beverages, and electricity, are exempt from GST taxes. According to the former tax system, each State's government taxes these products separately.
What are the various GST tax heads?
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 are the four categories under which GST may be categorised (IGST).
When the point of supply is in a different State than the location of the provider, IGST is paid for interstate supplies. For intrastate supplies where the site of the collection is in the same state as the location of the supplier, an equal rate of CGST and SGST (about half the GST rate applicable for IGST) is charged.
What does a GST calculator do?
The GST calculator is a practical, ready-to-use web tool for calculating the GST owed for a given month or quarter. Buyers, manufacturers, and distributors are just a few of the numerous types of users who can use this calculator.
Benefits of the GST Calculator
You can calculate the gross or net product price using the easy GST calculator and percentage-based GST rates. It aids in calculating IGST or providing the bifurcation of the rate between CGST and SGST. When calculating the entire cost of goods and services, the GST calculator saves time and lowers the possibility of human error.
Use our GST Payment and Input tax credit calculator to determine the GST owed after deducting the input tax credit.
The GST Calculation Process
Simply multiplying the Taxable Amount by the GST Rate will get the GST. If CGST, SGST, and UTGST are to be applied, the combined sums of CGST and SGST equal 50% of the total GST amount.
GST tax calculation
GST amount = GST Rate(%) × Net amount
Gross amount = (100% + GST Rate(%)) × Net amount
Net amount = 100$
GST Rate = 10%
GST amount = 10%×100$ = 10$
Gross amount = (100%+10%)×100% = 110$