The GST reform is one of the best tax reforms the country has ever seen. On 29th March 2017, Prime Minister Mr. Narendra Modi implemented goods and service tax in India, and there has been no looking back since then. GST has substituted many indirect taxes such as VAT, central excise duty, etc. and established a uniform, fair taxation across the nation.
You can use GST calculator to effortlessness calculate the actual tax liability. The GST calculators are available online at no extra charge. The calculator can help the user compute gross or net product value at a percentage based GST rates.
How to use the calculator?
The GST calculators have a GST slab. Enter the net value of a good or service in the calculator. Simply click on the "calculate" tab, to know your liabilities. GST rates vary from one business to another.
What are the manual formulas to compute GST?
If you want to add the GST then use the formula:
GST amount = (Actual price * GST %) /100
Net Price = Actual Price + GST amount
And, if you wish to remove the GST then the formula will be:
GST amount = Actual price – [Actual price * {100/ (100 + GST %)}]
Net price= Actual price – GST amount
Just as an example, you sell a product for Rs. 1,000 and the GST rate applicable is 18%. Here, the net price calculated shall be: 1,000 + {1,000* (18/100)} = 1,000 + 180. Which is equal to Rs.1,180.