The Goods and Service Tax shortly known as GST , it is an indirect tax applied for the sale of goods and services . Businesses can usually claim for Goods and Service Tax for the purchase of the product . This tax is collected by either the State or Central government . For calculation of GST we may calculate with inclusive or exclusive methods.
The GST in India was introduced on July 1 , 2017 . "One Nation, One Tax" refers to the Goods and Services Tax (GST) .
Our Utifin's GST calculator consists of calculations on inclusive and exclusive GST . According to that you can enter the cost , GST slab and automatically the results come like the total GST and total selling price . We also provide many other financial calculators like Systematic Investment Plan (SIP) , Systematic Withdrawal Plan Calculator (SWP) , Fixed Deposit (FD) , Recurring Deposit (RD) and etc .
If you need to know the GST of a product , go to the GST exclusive and enter the cost of the product with the GST slab , then automatically the result gets displayed . Let's assume you enter the cost of Rs.10,000 with a GST slab of 12 % , then automatically it displays the result total GST as Rs. 1,200 and total selling price as Rs. 11,200 . Let's classify below easily .
Cost (Rs.) = 10000
GST slab(%) = 12
Total GST (Rs.) = 1200
Total Selling Price (Rs.) = 11200
Known as Central Goods and Service Tax , it is collected by the Central Government . When a product is sold within one same state, then the GST amount is split equally into CGST and SGST .
Known as State Goods and Service Tax , it is collected by the State Government . This is for the purpose of providing revenue directly to the state where the sale happens.
Known as Integrated Goods and Service Tax . The IGST is applied when goods or services are moved between two different states . For example if a Mobile phone is sold from Bangalore to Mumbai , then IGST is charged instead of CGST and SGST .
Known as Union Territory Goods and Service Tax . This works in the flow like if a shop in Chandigarh sells a TV to a customer in the same Union Territory , then the tax gets split into CGST and UTGST .
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