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Understanding the Calculation of GST Calculating the Goods and Services Tax (GST) on goods or services is straightforward with a simple mathematical formula. Here’s how you can determine the GST amount and the total cost inclusive of GST. The GST Calculation Formula The formula to calculate GST is:[ \text{GST} = \left(\frac{\text{Price of goods or services} … Continue reading What is the mathematical formula to calculate GST

The 12% GST rate applies to the following categories and items: Note: The above list is not exhaustive and GST rates are subject to change. Please provide in a comment what we have missed. Views: 0

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It is a combination of multiple taxes like Central Excise Duty, Service Tax, State VAT, etc. The GST is comprised of the following components: The total GST payable on a supply of goods or services … Continue reading Explain GST with mathematical example

No, a tax invoice and a payment receipt are not the same under GST. A tax invoice is a document that serves as proof of a taxable supply of goods or services and is issued by a registered taxpayer to another registered taxpayer or an unregistered person. A tax invoice must contain certain prescribed details … Continue reading Is a tax invoice and receipt same under GST

Introduction: Goods and Services Tax (GST) is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services in India. The input tax credit (ITC) system is an important component of the GST system, as it helps in reducing the cascading effect of taxes. Definition: Input Tax Credit refers to the … Continue reading Input tax credit under GST

CGST, IGST, and SGST are three components of the Goods and Services Tax (GST) system in India. The difference between them is as follows: In summary, CGST is levied on the supply of goods and services within the country, SGST is levied on the supply of goods and services within the state, and IGST is … Continue reading Difference between CGST, SGST and IGST

IGST stands for Integrated Goods and Services Tax. It is a tax levied by the central government on the inter-state supply of goods and services in India. Interstate supply refers to the supply of goods or services from one state to another state within the country. In such cases, the IGST is levied in addition … Continue reading What is IGST?

State Goods and Service Tax (SGST) SGST, which stands for State Goods and Service Tax, signifies the imposition of tax by the state government on the exchange of goods and services. The revenue amassed through SGST finds its way back into the state’s coffers. This implies that SGST is specifically concerned with the taxation of … Continue reading What is SGST?