Masters India Online GST Calculator - Goods and Service Tax Calculator

GST Calculator: GST persists for Goods and Services Tax that India's Government has levied at the national or state level. GST calculator online, advanced by various third-party websites, can be practised to determine the applicable cost of GST. Indian GST Calculator is a tool that supports calculating the GST amount on multiple goods or services correctly. The GST calculator’s objective is to display the total value of goods or services, including GST.

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Goods and Services Tax levied by the government of India on the manufacturers or producers, sellers, and purchasers of goods and services at the national level. It is based and works on the principle of Value Added Tax (VAT). As GST is levied on value addition at every stage, a customer needs to pay the GST charged by the last merchant or supplier in the supply series.

GST Rate for Product/Service

Clothing:

Most garments are taxed at 12% GST.

However, textiles below Rs. 1000 per meter attract a 5% GST.

Furniture:

Furniture generally falls under the 18% GST bracket.

Electronics:

Most electronic items are taxed at 18% GST.

Food items:

• Basic necessities like cereals, milk, fruits, and vegetables are generally exempt from GST.
• Processed and packaged food items typically attract a 5% GST.
• Restaurant meals with air-conditioning or above Rs. 2500 per person incur 18% GST.

Raw materials:

The GST rate for raw materials can vary depending on the specific product. Many raw materials fall under the 5% GST slab, but some might attract a higher rate.

Transportation services:

Goods transportation services by a Goods Transport Agency (GTA) attract 5% GST.

Passenger transportation services (taxis, trains, buses) generally fall under the 18% GST bracket.

Communication services:

Communication services like telephone and internet typically have an 18% GST.

Educational services:

Thankfully, educational services are exempt from GST.

Legal services:

Legal services provided by advocates are taxed at 18% GST.

Accounting services:

Accounting services also fall under the 18% GST bracket.

Hotel accommodation:

The GST rate for hotels depends on the room tariff:

• Below Rs 1000 per night - exempt
• Between Rs 1000- Rs 7500 per night - 12% GST
• Above Rs 7500 per night - 18% GST

Penalties for Late Filing of GST Returns

There are penalties for late filing of GST returns in India. These penalties depend on the specific return you miss and your business's annual turnover. Here's a breakdown:

Late Fee Structure:

GSTR-1, GSTR-3B, and other regular returns (except GSTR-9):

• A late fee of Rs. 100 per day is levied for delay (Rs. 50 for CGST and Rs. 50 for SGST).
• There's a maximum penalty cap of Rs. 5,000 per return (Rs. 2,500 for CGST and Rs. 2,500 for SGST).

GSTR-9 (Annual Return):

Recent changes were made for GSTR-9 filing deadlines and penalties applicable from FY 2022-23 onwards.

Businesses with an Annual Aggregate Turnover (AATO) up to Rs. 5 crore:

A late fee of Rs. 50 per day is levied for delay, subject to a maximum of 0.04% of their turnover in that state or union territory.

Businesses with AATO above Rs. 5 crore:

The penalty structure remains the same as earlier - a late fee of Rs. 100 per day per Act (CGST & SGST), subject to a maximum of Rs. 5,000 per return.

GST Registration Process and Eligibility Criteria

Eligibility for GST Registration:

In India, not every business needs to register for GST. Here's a breakdown of who should register:

• Businesses with a turnover exceeding Rs. 40 lakh per year (for goods and services)
• Businesses with a turnover exceeding Rs. 20 lakh per year (for services in certain specified states)
• Businesses making any interstate supply (sale/purchase across states) regardless of turnover

E-commerce aggregators

Casual taxable persons (those occasionally making taxable supplies exceeding Rs. 10 lakh per year in a state where they are not registered)

Individuals registered under pre-GST laws (Excise, VAT, Service Tax etc.)

Non-resident taxable persons (businesses not established in India but supplying goods/services)

Agents of a taxable person

Persons liable to pay tax under reverse charge mechanism (where recipient of supply pays GST)

Those supplying online information and database access or retrieval services from a place outside India to a person in India (except a registered taxable person)

GST Registration Process:

The GST registration process is generally online through the GST portal (https://www.gst.gov.in/). Here's a simplified overview of the steps involved:

Gather Required Documents:

1. The PAN card of the applicant
2. Aadhaar card
3. Proof of business registration or incorporation certificate (e.g., company registration)
4. Identity and address proof of promoters/directors with photographs
5. Bank account statement/cancelled cheque/passbook
6. Authorization letter/board resolution for authorized signatory (if applicable)
7. Digital signature (optional, but recommended)
8. Register on the GST Portal: Create a login ID and password on the GST portal.
9. Fill Out the Application Form: Provide details about your business, including the nature of business, place of supply, bank account information, etc.
10. Upload Documents: Upload scanned copies of the required documents.
11. Verification and Approval: The GST department will verify your application and documents.
12. Granting of GST Registration Number (GSTIN): Upon successful verification, you'll receive a GST Registration Certificate with your unique GSTIN (Goods and Services Tax Identification Number).

Distinct Types of GST Assembled by the Government Are:

• State Goods and Service Tax (SGST): collected by the State Government.
• Central Goods and Service Tax (CGST): collected by the Central Government
• Integrated Goods and Service Tax (IGST): The Central Government accumulates it for inter-state purchases or sales transactions and imports
• Union Territory GST (UTGST): collected by the Union Territory Government

Why Is the GST Calculator Essential?

In India, there are five GST slabs, and if you are administering various GST slabs for goods or services, you have to ascertain the values or cost, including or excluding GST. In this situation, GST Calculators online become helpful as you can quickly and instantly calculate GST on goods and services through it. In addition to the GST calculator online, calculating values becomes a colossal task if you want to create thousands of invoices for goods or services with different GST slab rates.

Knowledge Required to Calculate GST Practising an Online Indian GST Calculator

To calculate GST using an online GST Calculator, the taxpayer must possess the GST rate or HSN/SAC Code relevant to those appropriate goods and services. With the unified tax system, it is feasible for all taxpayers to understand the tax imposed at distinct points for several goods and services under the GST regimen. Every taxpayer should know the GST rate relevant to multiple levels that are needed for GST calculation. There are five separate slabs for GST which are 0%,5%, 12%, 18%, and 28%.

GST Calculation Formula for Inter-State Sales

The Central Government will impose an integrated goods and service tax (IGST) on the inter-state supply of goods and services. IGST is assigned to the importing state in the event of inter-state transactions. In the old tax system, CST has been charged over and above VAT and the excise duty to transport goods between two countries. The goods travelling across state borders, IGST, are the sole tax levied in the GST system. Furnished Below is an illustration to explain the IGST system:

The above four listed points are the major advantages of using a Masters India GST Calculator online in India.

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How to Calculate GST Percentage From Total Amount, From the GST Calculation Formula?

To add GST to the base amount

• Add GST

  GST Amount = ( Original value * GST% ) / 100

  Net Amount = Original value + GST Amount

• To remove GST from the base amount,

  Remove GST

  GST Amount = Original value – [ Original value * {100 / (100 + GST% ) } ]

  Net Price = Original value – GST Amount

How to Calculate GST on MRP?

• If goods or services are sold at Rupees 10,000 with the 18 per cent GST in rupees or 18 GST in rupees, then the net price(NP) is calculated as = 10,000+ (10,000(18/100)) = 10,000+1800 = Rs. +11,800
• In the situation where a good is sold for Rupees 20,000 and the applicable GST rate is 12%, the net price of the goods will be 20,000 + 12% of 20,000 = 20,000 + 2400 = Rs. 22,400

Advantages of GST Calculator

Here are some of the fundamental advantages of using a GST Calculator:

• It permits users to manage the net or gross product price or rate on GST rates.
• It empowers users to distinguish between SGST, CGST and IGST and assess each tax correctly.
• It saves time by providing immediate returns.
• It reduces the chance of human error when calculating the Price of products and services.
• It is manageable to use and assists you calculate GST in a hassle-free practice.

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Conclusion

GST Calculator in India requires an amount of gross or net value, the rate of GST tax, and an alternative to ordering the calculator whether to Add or Remove the Goods and Services Tax from the fixed cost. This unique form of assessment is deemed been levied by India's Government since April 2016. The GST group is designed into Central GST (CGST), State GST (SGST), and Integrated GST (IGST).

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