GST Calculator
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GST Calculator helps the businesses and individuals to calculate the GST amounts instantly for GST inclusive and GST exclusive prices. It simplifies the calculations of CGST, SGST and IGST for invoices, purchases and tax compliance. To use it, enter the price of goods or services, select whether the amount is with or without GST, select the correct GST slab and click on the “Calculate” button. It automatically picks up the relevant formula and shows the GST amount, taxable value and total invoice value, all in a matter of seconds, without any manual arithmetic.
Exclusive GST: GST is levied on the price of goods or services (ex. ₹ 100 + ₹ 18 GST = ₹ 118) Inclusive GST means GST is included in the price (eg MRP of 118 includes 18 tax) GST calculator helps you to find the total price including GST, the GST amount and the base price. I guess this is a common question when you’re looking at a product that is advertized with a price including tax and you want to know the original value before GST. This is the non GST calculator. You use this if you want to add GST to a base price that has no tax yet.
A Reverse GST Calculator is a mathematically based financial tool to calculate the bill amount of goods and services excluding tax. This tool helps in finding the pre-tax cost from the GST inclusive cost and an applicable GST slab rate. Now to find out the Reverse GST, the Base Price can be arrived at using the following formula: Base Price = GST Inclusive Amount × 100 / (100 + Value of applicable GST Rate) The base price can then be found by subtracting it from the GST inclusive amount to find the Reverse GST amount.
India has five GST rate slabs: 0% for essential goods that are exempt, 5% for essential goods such as edible oil, sugar and spices, 12% for processed foods and computers, 18% for most services including IT, telecom and restaurants, and 28% for luxury or sin goods such as cars, tobacco and aerated drinks. Special rates are also available outside of the main slabs. Gold, diamonds and precious stones are taxed at 0.25% or 3%, separate from the standard structure. You should not default to 18% for these categories. Most GST calculators work with all the standard slabs.
Intra-state transactions are taxed with the CGST and the SGST. The CGST is collected by central government and SGST is collected by State Government. IGST is charged on the inter state transactions and collected by the central government. For sales within a state, CGST and SGST are charged at 50% of the GST rate each. Example: If GST rate is 18%, then 18% will be divided into 9% CGST and 9% SGST. The UTGST is applicable on the Union Territories like Chandigarh, Lakshadweep. It is collected by the Union Territory administrators and handed over to the Center.
A GST calculator is suitable for all types of business – buyers, sellers and more. The simplified GST calculator helps you calculate the price for gross or net product based on the amount. You get a split of percentage based GST rates. Any business, manufacturer, wholesaler or retailer can use the calculator to easily calculate the GST. It is also useful for importers and exporters calculating IGST for inter-state transactions and consumers who want to check the GST charged on their purchases. It’s also what accountants and tax pros use every day to remain compliant.
GST is levied on the base price of goods and services at a percentage rate. Base price taken as Rs. 1000 and GST rate taken as 18%. The GST amount would be 18% of ₹1,000, which is ₹180 and the final price would be ₹1,180. To take GST out of a GST inclusive price use formula: Base = Inclusive ÷ (1 + Rate/100) For $11,800 at 18% = $11,800/118 = $10,000. The GST part is Rs. 11,800-Rs. 10,000=Rs. 18000. This is also called as reverse charge calculation.
Yes. In case of intra state transaction (buying and selling within a state) GST is shared between central and state government. It has two components CGST and SGST. The Integrated Goods and Services Tax or IGST is levied for the supply of goods and services from one state to another state during the interstate trade. IGST is collected by the central government and the revenue is distributed to the states where the goods are used. IGST is applicable if the sale is interstate or an import. CGST and SGST are applicable only when seller and buyer are in the same state. IGST is one tax not two halves.
A GST calculator is very handy in doing a quick calculation and creating an invoice but has its own limitations for official filing. The GST calculator is for estimation and arithmetic check. It does not validate GST rate. Does not validate HSN/SAC classification. Does not generate a valid tax invoice. Does not file GST returns. Don’t just guess the HSN/SAC code of your product or service – verify it. Also, round only at the end of the calculation and not at each step as this can compound small errors especially on large invoices. Always get professional tax advice before you file.
GST registration is mandatory for businesses with an annual turnover of more than ₹40 lakh for goods (₹20 lakh for special category states) and ₹20 lakh for services. The Goods and Services Tax (GST) has been implemented across India from July 1, 2017, replacing a slew of indirect taxes such as VAT, CST, central excise duty and service tax. It is a multi-stage tax. It is destination based tax on every value addition. A GST Calculator is an essential tool for registered businesses to easily calculate their monthly or quarterly GST liabilities, produce correct invoices and keep tidy financial records, helping to ensure an easy and penalty-free tax compliance.