Product Name | |
Product Price | |
Product Quantity | |
Rate | |
Intrasate/InterState | |
Product Name | Product Price | Product Quantity | Amount |
---|---|---|---|
You can easily use the GST calculator online by following the steps mentioned below:
- Enter the net price of a service or good and the GST slabs such as 5%, 12%, 18% and 28% into the tool.
- Click on the ‘Calculate’ button and get to know the final or gross price of goods and services.
Businesses, manufacturers, wholesalers and retailers can easily calculate GST using this formula:
Simple GST calculation
• Add GST:
GST amount = (Original cost x GST%)/100
Net price = original cost + GST amount
• Remove GST:
GST amount = Original cost - [Original cost x {100/(100+GST%)}]
Net price = Original cost - GST amount
Here’s an example to illustrate this:
Rate (%) | Amount | |
---|---|---|
Original cost of goods | Rs.1,00,000 | |
GST | 18% | Rs.18,000 |
Cost of goods sold | Rs.1,18,000 |
Rate (%) | Pre- GST | Post- GST | |
---|---|---|---|
Cost of product | 10000 | 10000 | |
Excise duty | 12% | 1200 | Nil |
Profit | 10% | 1000 | 1000 |
TOTAL | 12200 | 11000 | |
VAT | 12.50% | 1525 | Nil |
CGST | 6% | Nil | 660 |
SGST | 6% | Nil | 660 |
Final invoice to the wholesaler | 13725 | 12320 |
At a cost point of Rs.10,000, the manufacturer is saving Rs.1405 i.e. a 14% tax saving on the cost. This brings a cost reduction for manufacturers, the benefit of which is ultimately passed on to the wholesalers, retailers and consumers.
Rate (%) | Pre- GST | Post- GST | |
---|---|---|---|
Cost of product | 13725 | 12320 | |
Profit | 10% | 1373 | 1232 |
TOTAL | 15098 | 13552 | |
VAT | 12.50% | 1887 | Nil |
CGST | 6% | Nil | 813 |
SGST | 6% | Nil | 813 |
Final invoice to the consumer | 16985 | 15178 |
GST brings down the cost of the product and thus, the consumer pays a lesser price for the goods at the same profit% earned by wholesalers and retailers.
The online GST calculator help you to find out either gross or net product price on percentage-based GST rates. It saves time and reduces chances of human error while computing the total cost of goods and services.