GST Tax Calculator: Tax Calculation under GST, Deductions, and Rates

1
GST Tax Calculator Tax Calculation under GST,
Deductions, and Rates

• https//www.imprezz.in/ Imprezz

2
India is a nation that is emerging towards the
greatest days of all time. With the literacy rate
up to almost 75 of 132 crores of population,
people are now ready to educate themselves and
find transparency in everything that the
government offers. Recently, GST tax calculators
have gained immense popularity due to apparent
changes in the GST regime. The government has
notified economic relaxation measures and
extended due dates to overcome the impact of the
COVID-19 pandemic crisis. The GST Council of
India has also implemented several tax
calculation changes to relieve the taxpayers of
the compliance burden. Each registered person or
business registered as a taxpayer is linked with
the taxation policy to track funds effectively.
This article will walk you through GST rates,
deductions, and calculations.
3
Categories of GST

• There are four departments of GST, they are

4
UTGST The Union Territory Goods and Services Tax
(UGST) includes taxes that are claimed by the
government of union territory. IGST The
Integrated Goods and Services Tax (IGST) includes
taxes claimed by the state government on the
inter-state exports and imports department.
5
CGST The Central Goods and Services Tax (CGST)
includes taxes claimed by Indias central
government. SGST The State Goods and Services
Tax (SGST) includes taxes that are claimed by the
State government.
6
Tax Rates Under GST Regime

• The different rates of GST in India are
  accurately calculated through a GST tax
  calculator. It includes the following tax rates
• 0 It covers the day to day necessary products
  such as rice, wheat, dairy products, etc.,
• 25 It includes coarse diamonds, various
  precious gems, etc.,
• 3 It has goods like gold, silver, leather,
  quality jewels, etc.,

7

• 5 It covers the processed food item and fish
  millets, foot wares below RS.500, etc.,
• 12 It includes cell phones, ayurvedic
  medicines, frozen meat or meat fat, etc.,
• 18 It covers books, electrical batteries,
  trademarked items, hotels and food services,
  etc.,
• 28 It includes luxury services and products
  such as 5star hotel services, private jet, ATM,
  alcohol, tobacco, etc.,
• Every small-scale business or large-scale
  business has to consider the GST policies of the
  country to maintain a smooth and professional
  financial relationship with the government.

8
GST Tax Calculator Tax Calculation Requirements

• India is now following a unified single tax
  structure across all the states. Many people in
  business found it a worrying factor as it may
  increase the burden of compliance. On the other
  hand, the nation has a more significant deal
  under GST taxes in day-to-day food and personal
  care products.
• These are few essentials that are required to
  calculate GST Tax. These essentials are usually
  required to calculate the GST amount on GST tax
  calculators, such as Imprezz.in.

9

• The original date when the GST annual return is
  filed.
• The product/services your business offers that
  attracts the RCM (reverse charge mechanism).
• The acknowledgment of ITC (Input Tax Credit).
• The total tax amount of the taxable month.
• The due date of the month of filing your GST
  returns.
• The number of months that you want to calculate
  your GST tax

10
How to Calculate GST Amount
11
Step 1 Covert the GST rates (The GST rates
5, 12, 18, 28 ) into decimals. I.e., divide
the percentile by 100. Example 12 100
0.12 Step 2 Multiply the actual amount of the
product, for instance, consider it to be RS.
12,000, multiply the amount with the decimal
value of the GST tax percentage. Example 12,000
0.12 RS. 1,440 Step 3 Now, RS. 1,400
becomes the GST amount, excluding the original
amount. Further, add the GST tax amount to the
actual amount. Example 12,000 1,440 RS.
13,440 It is the calculated tax, including the
GST of the imaginary product.
12
How to Calculate Taxable GST

• To calculate the taxable GST, follow the step 1
  mentioned above, add one to the applicable tax
  rate and divide the total receipt by that value
  derived. For instance,
• If the tax rate is 12, then after step 1,
  i.e., 0.12 1 1.12.
• Now divide the total receipt amount derived from
  step 3, as mentioned above, by 1.12, i.e.,
  13,440 1.12 RS. 12,000.
• You can easily calculate the GST tax through the
  online GST tax calculator. GST tax calculation at
  your fingertips Imprezz.in, the best accounting
  software in India. Visit Imprezz.in to know more
  about GST invoices, formats, quotations, and more.

13
Types of Taxpayers Under the GST Regime
Generally, there are two types of taxpayers under
GST.
14

• Type 1 Taxpayers Registered Under the Normal
  Scheme
• Under this taxation scheme, the taxpayers can
  claim the Input tax credit and collect the tax
  through tax invoices. It includes businesses or
  taxpayers with a specific turnover threshold.
• Business with a turnover of up to 5crore.
• Business with a turnover of over 5crore and more.

15
Type 2 Taxpayer Registered Under the
Composition Scheme Under this taxation scheme,
taxpayers are not allowed to claim the input tax
credit, nor are they permitted to collect tax
through tax invoices. Both schemes have their
pros and cons. The aim is to bring up the tax
culture to an appreciable facility level. The
nation is slowly trying to adapt the portal
services and online form procedures for a better
experience. The government is focused on speeding
the process related to GST to encourage people to
pay their taxes for the nations better tomorrow.
16
Conclusion

• GST tax calculation is a no brainer task. Yet, as
  a taxpayer, be aware of what you follow in terms
  of calculating your taxes. As a citizen of India,
  we must pay taxes on time with greater
  transparency possible. It is the only way we can
  contribute to the nation and overcome the
  COVID-19 economic crisis.
• To automate the GST tax calculation, Subscribe to
  Imprezz.in. Rid of multiple tax calculations
  and automate GST calculated Invoices on our
  online accounting software. For GST related help,
  feel free to contact our support team. We are
  ever ready to offer an uninterrupted business
  environment for you.
• At Imprezz.in, we offer a 14 days free trial
  software program, empowering entrepreneurs,
  freelancers, and small businesses in India. Log
  in to start your GST calculation.

17
Contact US
Email - info_at_imprezz.in

• Sign up Today
• https//www.imprezz.in/