BEST GST CALCULATOR
GST is Goods and Services Tax. Many previous indirect taxes, including central excise duty, service tax, VAT, CST, and others, have been superseded by GST in India. Sales of goods and services in the nation are subject to GST.
On March 29, 2017, the parliament passed the GST Act, which went into effect on July 1 of the same year. The Indian government imposes an indirect tax known as the Goods and Services Tax on all goods and services that are purchased within its territorial jurisdiction. Several indirect taxes from the former system, including sales tax, VAT, excise duty, etc., have been replaced with a single tax.
GST registration is a mandatory requirement for all businesses operating in India. A GST Identification Number, or GSTIN, is necessary for them. This tax is borne by the customers on all goods and services they use and acquire. It is crucial that one knows how to compute GST correctly because of this. To evaluate the same, you can use the GST calculator.
All of your purchases, whether they be goods or services, are subject to the GST amount. Knowing how much tax you pay on the goods you use is advantageous to you. An Indian GST calculator might help you in this situation.
1. It gives you a precise estimation of the tax liability you will have.
2. You can save time when calculating GST with its assistance.
3. It removes the possibility of any fraudulent activity if you are a knowledgeable customer who understands taxes.
Step-1:- Enter the amount.
Step-2:- Select the GST Slab as per your service provided.
Step-3:- Select the GST Exclusive and Inclusive
GST majorly consists of the following tax slabs:
0%, 3%, 5%, 12%, 18%, 28%
Some goods and services are exempt from GST, including motor spirit, petroleum products, high-speed diesel, natural gas, aviation turbine fuel and alcoholic spirits intended for human consumption. The various State Governments impose taxes on these goods and services in accordance with their own tax laws.
CGST:-
Central Goods and Services Tax (CGST) - This is relevant to transactions that take place at the intrastate or inside state borders.
SGST:-
State Goods and Services Tax (SGST) - This tax is applicable to transactions conducted within state lines or at the intrastate level, much as the CGST. IGST
This tax component applies to transactions conducted at the interstate level or between states.
The state will impose CGST and SGST on any sale or supply of goods or services. This indicates that the centre and the state split the money received from these sales evenly. These kinds of transactions were liable to central excise, service tax, or VAT prior to the implementation of the GST.
Similar to this, the Centre gathers the IGST from all interstate transactions and distributes it based on the final destination of the items.
A uniform technique is used by the GST amount calculator to compute GST. This calculator has two functions: it can add GST to an item's total price or subtract it from it.
For adding GST, the following formula is used.
GST amount= (Price x GST%)
Net price = Cost of the product + GST amount
For example , if a product or service costs Rs. 100 and the GST levied on that is 12%, the GST amount will be 100 x 12% = Rs. 12. The net amount you’d have to pay would be Rs. 118.
For removing GST from the net price of a product, the following formula is used:
GST= Original cost – [Original cost x {100/(100+GST%)}]
Net price = Original cost – GST
For example, if the cost of a product after GST of 18% is Rs. 118, its original cost is 118 – [100/(100 + 18%)}], which equates to Rs. 100.
New List of items under the 0% GST Slab Rate
|
Products |
Tax Rates |
|
Milk |
0% |
|
Eggs |
0% |
|
Curd |
0% |
|
Lassi |
0% |
|
Kajal |
0% |
|
Educations Services |
0% |
|
Health Services |
0% |
|
Children's Drawing & Coloring Books |
0% |
|
Unpacked Foodgrains |
0% |
|
Unpacked Paneer |
0% |
|
Gur |
0% |
|
Unbranded Natural Honey |
0% |
|
Fresh Vegetables |
0% |
|
Salt |
0% |
|
Unbranded Atta |
0% |
|
Unbranded Maida |
0% |
|
Besan |
0% |
|
Prasad |
0% |
|
Palmyra Jaggery |
0% |
|
Phool Bhari Jhadoo |
0% |
New List of items under the 5% GST Slab Rate
|
Products |
Tax Rates |
|
Sugar |
5% |
|
Tea |
5% |
|
Packed Paneer |
5% |
|
Coal |
5% |
|
Edible Oils |
5% |
|
Raisin |
5% |
|
Domestic LPG |
5% |
|
Roasted Coffee Beans |
5% |
|
PDS Kerosene |
5% |
|
Skimmed Milk Powder |
5% |
|
Cashew Nuts |
5% |
|
Footwear (< Rs> |
5% |
|
Milk Food for Babies |
5% |
|
Apparels (< Rs> |
5% |
|
Fabric |
5% |
|
Coir Mats, Matting & Floor Covering |
5% |
|
Spices |
5% |
|
Agarbatti |
5% |
|
Coal |
5% |
|
Mishti/Mithai (Indian Sweets) |
5% |
|
Life-saving drugs |
5% |
|
Coffee (except instant) |
5% |
New List of items under the 12% GST Slab Rate
|
Products |
Tax Rates |
|
Butter |
12% |
|
Ghee |
12% |
|
Processed food |
12% |
|
Almonds |
12% |
|
Mobiles |
12% |
|
Fruit Juice |
12% |
|
Preparations of Vegetables, Nuts Fruits, or other parts |
12% |
|
Packed Coconut Water |
12% |
|
Umbrella |
12% |
New List of items under the 18% GST Slab Rate
|
Products |
Tax Rates |
|
Hair Oil |
18% |
|
Capital goods |
18% |
|
Toothpaste |
18% |
|
Industrial Intermediaries |
18% |
|
Soap |
18% |
|
Ice-cream |
18% |
|
Pasta |
18% |
|
Toiletries |
18% |
|
Corn Flakes |
18% |
|
Soups |
18% |
|
Computer components Web Designing and Development, Software |
18% |
|
Printers |
18% |
New List of items under the 28% GST Slab Rate
|
Products |
Tax Rates |
|
Small cars (+1% or 3?ss) |
28% |
|
High-end motorcycles (+15?ss) |
28% |
|
Consumer durables such as AC and fridge |
28% |
|
Beedis are NOT included here |
28% |
|
Luxury & sin items like BMWs, cigarettes |
28% |
|
and aerated drinks (+15?ss) |
28% |
What is the GST calculator?
A GST calculator can be used to determine how much GST will be due over a certain time period.
Who can use the GST calculator?
- Anyone involved in any kind of trade, including buyers, manufacturers, and wholesalers, can utilise the GST calculator.
How can a manufacturer / wholesaler use the GST calculator?
- Input the percentage of the profit ratio, the cost of goods/cost of manufacturing, and the GST rate. It will display the entire tax, CGST, SGST, and production cost.
What are the benefits of the GST calculator?
- The GST calculator saves you time and provides an exact breakdown of tax components when figuring out the overall cost of goods and services as well as the tax liability.
Is the GSTIN mandatory?
- Yes, Every business or organization that pays indirect taxes on its goods and services is required by the GST Act to have a distinct GSTIN.
What are the tax slabs under the GST?
- As of July 2019, there are 4 tax slabs- 5%, 12%, 18% and 28%. Approximately 1300 items and over 600 services have been selected by the GST Council and placed under this new tax structure.