GST Calculator
The Goods and Services Tax (GST) is a major tax change in India that has changed the way goods and services are taxable throughout the country. The Goods and Services Tax, or GST, is an extensive indirect tax that is imposed on the provision of goods and services. It was established on July 1, 2017. This ground-breaking tax system brought the Indian market under a single tax framework by integrating numerous indirect taxes such as service tax, VAT, excise duty, and more.
The national and state governments have the power to levy and collect the GST due to its dual model of operation. Because the tax is imposed at every point in the production and distribution process, input tax credits can be applied at various points throughout the supply chain. This guarantees that taxes are exclusively applied to value addition at each stage, removing the possibility for tax cycles while improving tax system efficiency.
HOW TO USE CALCULTOR
Step 1: Input Transaction Value
Enter the total value of the goods or services involved in the transaction into the calculator. This value should represent the actual amount before taxes and other charges.
Step 2: Select Applicable GST Rate
Choose the appropriate GST rate applicable to the transaction based on the type of goods or services supplied. In India, GST rates are classified into different slabs such as 5%, 12%, 18%, and 28%, depending on the nature of the goods or services.
Step 3: Calculate GST
Once you've entered the transaction value and selected the applicable GST rate, the calculator will automatically compute the GST amount payable. The GST amount is calculated by multiplying the transaction value by the selected GST rate.
GST Rates in India
| Goods Category | GST Rate |
|---|---|
| Nil Rated Goods | 0% |
| Standard Rated Goods | 5%, 12%, 18%, 28% |
| Less Common GST Rates | 0.25%, 3% |
| GST Composition Scheme | 1.5%, 5%, 6% |
