GST Calculator [India]

GST Calculator

Calculating the amount that needs to be paid as GST when filing your returns can be quite tedious. Several aspects and factors must be taken into consideration, such as ITC, exempted supplies, reverse charge, etc. Failure to pay the entire GST amount can see you slapped with an 18% interest on the shortfall, thereby making it necessary to ensure that you pay the right amount towards GST

The GST Calculator makes it relatively simple for taxpayers to calculate the amount that needs to paid as GST. You will have to enter all the required details such as the month for which you are calculating GST, the due date for filing returns for the particular month, the actual date on which the returns are filed, the tax liability for the month, the purchases that attract Reverse Charge Mechanism, the opening balance of your cash ledger as well as your credit ledger and the eligible ITC.

With the unified system of taxation, it is now possible for taxpayers to know the tax levied at different points for various goods and services under the GST regimen. For the calculation of GST, the taxpayer should know the GST rate applicable to various categories. The different slabs for GST are 5%, 12%, 18% and 28%.

GST calculation can be explained by a simple illustration:

If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000 + (1,000 X (18/100)) = 1,000 +180 = Rs. 1,180.

How to calculate GST using our Startup Sutra GST calculator?

You can easily use the GST calculator by following the simple steps:

Step-1: Enter the following details:

Net price of a service or good and
GST rate that applies such as 5%, 12%, 18% and 28%.

Step-2: Click on ‘Calculator’ button.

Startup Sutra GST Calculator will display the tax amounts for each tax head CGST and SGST or IGST along with the final/ gross price of the goods and service to be billed.

GST Calculation Formula

For calculating GST, a taxpayer can use the below-mentioned formula:

To add GST to the base amount –

Add GST

GST Amount = (Original Cost * GST%) / 100

Net Price = Original Cost + GST Amount

To remove GST from the base amount,

Remove GST

GST Amount = Original Cost — (Original Cost * (100 / (100 + GST% )

Net Price = Original Cost — GST Amount

Example:

A product is sold from Pune to Chennai at the rate of Rs.3000. GST rate is 15 %. What is the net price?

Solution:

= 3000 x (15 / 100)

= Rs.450

Hence the net price is 3000 + 450 = Rs.3450

Updated Indian GST calculator rates

When the GST rate was introduced in India in 2017 it was three main rates 5%, 12% and 18%, but lately, the luxury 28% rate was used more widely. So luxury rates were also added to our Indian GST Calculator.

28% luxury rate is applied for such items:

Casinos
Gambling
Sporting events like IPL
Race club services
Entertainment events-amusement facility
Water parks
Theme parks
Joy rides
Merry-go-round
Racecourse
Go-carting
Ballet
Food/drinks at AC 5-star hotels
Accommodation in 5-star hotels or above

Source :- https://startupsutra.in/gst-calculator/