GST Calculator - Calculate GST Easily with GTS
GST Calculator - Calculate GST Easily with GTS
Need help with GST calculation? Use GTS’s GST Calculator, the best in India, for quick and accurate results.
What is GST?
India’s unified indirect tax system, known as the Goods and Services Tax (GST), went into effect on July 1, 2017. It simplified the taxation of products and services by replacing a number of outdated levies, including service taxes, VAT, and excise duty. Almost all products and services in the nation are subject to GST.
GST Components:
● CGST (Central Goods and Services Tax):
Collected by the central government for intra-state transactions (sales within the same state).
● SGST (State Goods and Services Tax):
Collected by the state government for intra-state transactions (sales within the same state).
● IGST (Integrated Goods and Services Tax):
Collected by the central government for inter-state transactions (sales between different states).
GST is a multi-stage tax system, meaning it is levied at every stage of production and distribution. The tax is based on the value added to goods and services at each point of sale.
GST Rates and Schedules for Services
Similar to goods, services in India are also classified into different GST rates. The GST Council has defined schedules for services, and each schedule has its own tax rate. Below are the GST schedules and rates for services:
GST Schedules and Rates for Services
|
Schedule Number |
GST Rate |
Description |
|
Schedule 1 |
Nil |
Services that are exempt from GST. No GST is applicable. |
|
Schedule 2 |
5% |
Low-rate services, typically essential services. |
|
Schedule 3 |
12% |
Standard-rate services that are commonly provided. |
|
Schedule 4 |
18% |
Higher-rate services, typically those with higher value. |
|
Schedule 5 |
28% |
Luxury or non-essential services. |
What Is a GST Calculator?
An online application called a Goods and Services Tax (GST) calculator is made to make it easier to calculate the GST on goods and services. When the net price and GST rate are entered, the calculator rapidly calculates the gross price (price plus GST) and the tax amount.
How to Calculate GST Using GST Calculator
GTS offers a user-friendly GST Calculator that makes it easy to calculate the Goods and Services Tax for your goods or services. Follow these simple steps to calculate GST online
Steps to use the GTS’s GST calculator:
● Choose GST Type: Select either GST Inclusive or GST Exclusive, based on your requirement.
● Enter Initial Sum: Type in the initial amount (either net price or gross price, depending on your selection).
● Select GST Rate: From the drop-down menu, choose the applicable GST rate (e.g., 5%, 12%, 18%, or 28%).
● Click Calculate: Press the Calculate button to get the results.
The calculator will then display the GST amount, along with the pre-tax and post-tax amounts based on your input.
This tool allows for quick, accurate calculations of GST, ensuring your transactions comply with the applicable GST rules.
GST by Manufacturers
|
Bill Particulars |
Amount under GST |
Amount Pre-GST |
|
Product Cost |
₹20,000 |
₹20,000 |
|
Profit (10%) |
₹2,000 |
₹2,000 |
|
Excise Duty |
Nil |
₹2,500 |
|
VAT |
Nil |
₹3,062 |
|
CGST (6%) |
₹1,320 |
Nil |
|
SGST (6%) |
₹1,320 |
Nil |
|
Final Price |
₹24,640 |
₹27,562 |
Key Points:
Pre-GST Price includes excise duty and VAT, leading to a final price of ₹27,562.
Post-GST Price eliminates excise duty and VAT, with GST (CGST + SGST) applied on the product, leading to a final price of ₹24,640.
Thus, under GST, the manufacturer benefits from a simplified tax structure, reducing the tax burden by eliminating VAT and excise duty, and applying a unified GST.
Benefits of using a GST calculator
Using a GST Calculator offers several advantages, making it a valuable tool for businesses and individuals. Here are the key benefits:
A GST calculator is a useful tool for both consumers and organizations because it provides a number of benefits. These are the main advantages:
● Simple Division of Tax Slabs: The calculator facilitates the understanding of the tax distribution by dividing the GST into CGST, SGST, and IGT tax slabs.
● Tax Bracket Determination: It helps you to rapidly determine the tax bracket that your transaction is in, guaranteeing precise tax computation according to the kind of goods or services.
● Accurate Tax Calculation: You may quickly determine the GST on the products or services you are purchasing or selling, guaranteeing adherence to tax laws.
● Time-saving: By drastically cutting down on the amount of time needed for manual tax computations, the calculator frees you up to concentrate on other crucial company duties.
● Minimizes Errors: By automating the calculation process, the GST calculator reduces the chances of mathematical and human errors, ensuring precise tax computation.
Overall, using a GST calculator simplifies tax calculations, ensures accuracy, and saves valuable time.
Formula for GST Calculation
To calculate the Goods and Services Tax (GST), the formulae for Net Price and GST Amount are as follows:
GST Amount Calculation:
GST Amount=(Original Cost×GST Rate Percentage/100)
This formula calculates the GST on the original cost based on the applicable GST rate.
Formula for Intra-state GST Calculation:
For intrastate transactions (within the same state), the GST is split into two components: CGST (Central GST) and SGST (State GST). The formulas are as follows:
CGST Amount:
CGST Amount=(Original Cost×GST Rate/2)
The CGST is calculated based on half of the total GST rate (since both CGST and SGST are charged equally for intrastate transactions).
Example:
Original Cost: ₹10,000
GST Rate: 18% (standard GST rate)
This is an intra-state transaction, so the GST is split between CGST and SGST.
Since the GST is divided equally between CGST and SGST for intra-state transactions:
CGST = 18%2=9%218%=9%
SGST = 9%
CGST Amount = 10,000×9100=₹90010010,000×9=₹900
SGST Amount = 10,000×9100=₹90010010,000×9=₹900
Total GST Amount = CGST Amount + SGST Amount = ₹900 + ₹900 = ₹1,800
FAQ
● Select the GST Type: Depending on your circumstances, choose GST Exclusive or GST Inclusive.
● Put the total amount in here: Depending on whether it already includes GST (for GST Inclusive) or not (for GST Exclusive), enter the total amount.
● Choose the GST Rate: From the drop-down menu, select the relevant GST rate.
Click “Calculate.” To view the results, click the Calculate button.
● Based on your input, the tool will display the pre-GST/post-GST values as well as the final GST amount when it has been calculated.
Benefits of Using an Online GST Calculator:
Accurate Calculations: Ensures precise calculation of GST taxes without errors.
Time-Saving: Quickly computes GST, saving you time compared to manual calculations.
Minimizes Human Error: Reduces the chances of mistakes in complex calculations.
Clear Breakdown: Clearly displays the CGST and SGST amounts involved, making it easier to understand the tax distribution.
To calculate GST, simply multiply the taxable amount by the GST rate. If CGST, SGST, or UTGST are applicable, the total GST amount is divided equally between CGST and SGST (or UTGST), with each component receiving 50% of the total GST.
Anyone can use the GST Interest Calculator as it is user-friendly and easy to navigate. Simply input the required numbers and select the appropriate options. It is particularly useful for those involved in distribution, manufacturing, or anyone who needs to calculate GST-related figures efficiently.
An online GST calculator can help you by breaking down the CGST, SGST, and IGST tax slabs for your transactions. It enables you to determine the appropriate tax bracket for your goods or services and calculates how much tax will be levied on what you are selling or purchasing. This ensures accurate GST calculations and helps you stay compliant with the tax laws.