GST Calculator – Goods and Service Tax Calculator Online

The GST Act was passed by the parliament on March 29, 2017 and implemented from July 1 of the same year. The Good and Services Tax is an indirect tax levied by the Indian government on all goods and services purchased within its jurisdiction. It is a single tax that has eliminated multiple indirect taxes of the previous regime such as sales tax, VAT, Excise Duty, etc.

Every enterprise operating in India has to mandatorily register for the GST. They are required to have a GST Identification Number or GSTIN. Consumers have to pay this tax for all goods they purchase and all the services they avail. As such, it is paramount that one understands how to compute GST accurately. You may take the help of the GST calculator to evaluate the same.

How can a GST calculator help you?

Everything that you purchase be it a product or a service, is taxed under the GST amount. It’s to your advantage to know how much tax you are paying for the products you use. That’s where an Indian GST calculator can come to your aid.

  • It provides you with an accurate estimate of the amount of tax you have to pay.
  • It helps you save time for the calculation of GST.
  • It eliminates the chances of any fraudulent activities if you are an aware consumer who knows his/her taxes.

The formula to determine GST amount

The GST amount calculator uses a standardised method to calculate GST. There are 2 aspects of this calculator- adding GST and removing GST from the total price of an item.

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 18%, the GST amount will be 100 x 18% = Rs. 18. 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.

How to use Groww GST calculator?

You can use GST calculator India from the Groww website within minutes by:-

  • Input the variables, i.e., original cost and GST percentage.
  • The GST amount will be displayed immediately.

Advantages of using Groww GST calculator

  • You can figure out the tax amount you are paying.
  • It is quick and accurate, thereby saving you valuable time.
  • You stay protected from any fraudulent activities that may arise out of wrong GST calculation.

GST has fundamentally changed the tax regime in India. All enterprises, regardless of their size or area of operation, now fall under the same tax umbrella throughout the country. Use the GST calculator online and find out how much tax you are paying for the goods and services you purchase.

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Some of the most common queries are answered below in the FAQ section.

Frequently Asked Questions (FAQ)

  • Why was the GST introduced?

The Goods and Services Tax was implemented to get rid of a wide variety of indirect taxes in India and to pare the earnings of the Central and State governments. The Ministry of Finance also stated another objective of simplifying the tax regime.

  • Is the GSTIN mandatory?

Yes. Under the GST Act, all firms and organizations which pay indirect taxes on their products and services must have a unique GSTIN.

  • What taxes are subsumed under the GST?

Under the GST, the Central government has to let go of previous tax heads like excise, service tax, countervailing duty, and customs. States have to let go of VAT, octroi, luxury tax, and entertainment tax. All these are now part of the GST.

  •  What are the tax slabs under the GST?

As of July 2019, there are 4 tax slabs- 5%, 12%, 18% and 28%. The GST Council has decided on about 1300 goods and over 600 services and has brought them under this new tax regime.


 

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