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How to Calculate GST Using Kanakkupillai's GST Calculator?
To calculate GST using Kanakkupillai's GST Calculator, use the following steps to calculate GST online.
GST Exclusive:
Because the amount is GST-exclusive (GST is not included in the total amount), enter the taxable value. This is the actual price of the goods without GST. You'll see the GST amount and the POST-GST amount. The POST-GST amount is the amount after applying the GST.
GST Inclusive:
Because this sum includes GST, put the Invoice value here. This is the price of the product after GST is included. You can see the GST amount as well as the PRE-GST amount, i.e., after subtracting the GST.
Use of this GST calculator for you
We at Kanakkupillai make things easy and simple. We have an easy-to-understand solution for every requirement. Our team has simplified the mathematical method for you because it's a little difficult and unclear for those who are not familiar with different types and forms of calculations.
More about GST or the Goods and Service Tax
In India, the GST (Goods and Services Tax) is an indirect tax that taxes the delivery of goods and services. It's a multistage, comprehensive tax, and sometimes called a destination-based tax. The GST in India includes practically all indirect taxes, with the exception of a few state levies. GST will be charged at each step of manufacturing, with refunds available at all stages except for the end consumer. It will be collected at the point of consumption instead of the origin.
What is GST (Goods and Services Tax)?
GST (Goods and Services Tax) is a tax on the supply of goods and services, from the manufacturer to the consumer. Credits for input taxes paid at each stage will be available in the next stage of adding value. This makes GST a tax on the value added at each stage, rather than a tax on the final product.
Buy, Sell, Import and Export inside the country.
It is uniquely built and has a class that allows economic independence to dealers. Before the GST, there were more than 17 different indirect taxes in Canada, but with the "ONE NATION ONE TAX" structure now in place, there is only one indirect tax for the whole country: GST.
What Is a GST Calculator?
The GST calculator is an easy-to-use online tool that lets you figure out GST with just a few clicks. With a Kanakkupillai online GST calculator, you can use a percentage-based GST rate to figure out the net or gross price of your goods. It is easy to use; all you have to do is put in the net price and the GST rate to get the gross price and the tax amount.
Types of GST
There are three types of GST in India,
What is the formula for calculating GST?
The formula for calculating GST is GST Amount = (Original Cost*GST Rate Percentage) / 100.
Net Price = Original Cost + GST Amount.
We know there are five slab rates for different items. Let's figure out how to calculate GST payable. Call it what you want, but let's start with some terms:
Taxable Value (which is Exclusive of GST):
The value on which GST is applicable, i.e., the value on which GST has not yet been charged and added, and on which we are obligated to charge GST. This value is determined by the laws of the specific country in which the product or service is sold.
Invoice Value (which is Including GST):
This is the sum of the Taxable Value and the GST amount. The Taxable Value is the amount that can be used to figure the taxable income, while the GST amount is the amount that can be used to figure the GST tax.
Invoice Value (which is Including GST):
This is the sum of the Taxable Value and the GST amount. The Taxable Value is the amount that can be used to figure the taxable income, while the GST amount is the amount that can be used to figure the GST tax.
Internal Supply (within the state)
Mr. A, who lives in the city of Indore, acquired a Rs. 100 Good from a local vendor. The taxable value is now Rs 100, and we must charge GST on this amount. Assume this product is subject to 18% GST.
The GST Amount Is Thus 100*18% = Rs. 18. Because it may be purchased through the state, the CGST rate, which is 9%, or Rs 9, combined with the SGST rate, which is 9%, both translate to Rs 9.
If Mr. A had acquired it outside Indore, it would have been subject to IGST, i.e., a single tax of Rs.18. As a result, Mr. A would have been compelled to pay the shopkeeper Rs.100 + Rs.18 = Rs.118.
External Supply (outside the state)
In Indore, Mr. B is the supermarket manager. Mr. C is a seller in Delhi. He buys 100 bottles of vinegar for Rs 10 each. The following are the GST rates and types that will be imposed:
Mr. C must pay IGST because he lives in Delhi and buys oil from a merchant in Indore.
Taxable value of the vinegar bottles = 100 bottles x Rs. 10 = Rs. 1000
Applicable IGST = 1000 x 18% = Rs. 180
Mr. C's invoice value is Rs. 1000 + Rs. 180 = Rs. 1180.
Reverse GST Calculation Using Invoice Value
You bought a cloth for Rs 100 from a retailer. The retailer charges 18% GST, for a total of Rs 128. To find out how much GST you paid, use this formula:
[100 x (Tax Rate)/(100+Tax Rate)]
Say, GST = [100 x (18/118)] = Rs. 15.254
On excluding GST the Taxable Value = Rs.100 – Rs.15.254 = Rs.84.745
What are HSN (Harmonized System of Nomenclature) and SAC (Services Accounting Code) Codes in GST?
What is HSN (Harmonized System of Nomenclature) under GST?
The HSN (Harmonized System of Nomenclature) code is used for classifying the goods under the GST (Goods and Services Tax). The WCO (World Customs Organization) devised the HSN code, which is used to classify over 5,000 items for tax reasons.
The HSN (Harmonized System of Nomenclature) code has 21 sections, 99 chapters, 1244 headings, and 5224 subheadings. The chapters and sections represent broad categories of goods, and the headings and subheadings describe the product more thoroughly.
The format for declaring HSN Codes is as follows:
How to Claim HRA Benefit? Click Now
What is the SAC (Services Accounting Code) under GST?
SAC (Servicing Accounting Code) categorizes services instead of products. This code governs service recognition, measurement, and taxes. All services with the number 99 are HSN or SAC codes, making it easy to tell the difference.
Kanakkupillai makes it easy to get SAC and HSN for your business, which makes running a business easier and more credible. Your brand also gets better, which is good for the public and targeted audience.
GST Calculator Made Simple Just For You
In India, six-digit numbers instead of eight-digit HSN/SAC codes. The first two digits represent the Code List chapter in which the items or services will be included. The following two digits represent chapters, while the following two digits represent goods.
The last two numbers tell us more about the product. In almost 200 nations, HSN/SAC codes exist for each product. The code remains the same for practically all goods. In various countries, HSN numbers may differ due to the nature of the commodities categorized.
The government can use the HMIS (Health Management Information System) and HACCP (Hazard Analysis and Critical Control Points) codes for assessing commodity purchases and sales. This makes it easier to make decisions about the economy.
HSN/SAC codes helped classify the items and map them to the correct tax codes and Cess amount, based on the India GST system.