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![]() Input tax credit can benefit manufacturers and dealers under the GST scheme. Then the net price of the product becomes Rs. 2,000 and GST applicable to that product is 12 %. Let’s assume that a product is sold for Rs. Following formula helps to calculate net price of the product after application of GST and removing GST as well. GST Calculation Formula:įor calculating GST, following mentioned formula can be used by the taxpayer. ![]() In such a case, an equal rate of CGST and SGST is levied for interstate supplies. IGST is applied to interstate products where the supplier of the product is in different state and the product is supplied in a different state. It is collected by the Central Government for inter-state transactions and imports. Integrated Goods and Services Tax (IGST).Union Territory Goods and Services Tax (UTGST): Union Territory Government collects this tax.Central Goods and Services Tax (CGST): Central Government collects this tax.State Goods and Services Tax (SGST): State Government collects this tax. ![]() GST can be categorised in four different heads such as These are 0%, 5%, 12%, 18% and 28%, these are necessary while calculating GST. ![]() Under the new tax structure, taxpayers can learn about different GST rates applicable at different categories. Method to calculate GST using the GST calculator: ![]()
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