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GST Calculator
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What is GST?
The Goods and Services Tax (GST) is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multi-stage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. It is paid by the consumers and is remitted to the government by the businesses selling the goods and services.
GST Calculation Types
There are two main ways to calculate GST depending on the price of the product or service:
- GST Exclusive: If a price is "exclusive" of GST, it means the tax is not included in the price. The GST amount is calculated on the base price and added to it to get the final total.
- GST Inclusive: If a price is "inclusive" of GST, it means the tax is already included in the final price. The calculation involves finding the original base price and the GST amount from the total.
Current GST Slabs in India
GST rates are divided into different slabs for various goods and services. The main slabs are:
- 0% Slab: Applied to essential items like fresh vegetables, milk, and eggs.
- 5% Slab: Includes items like sugar, tea, and packaged food items.
- 12% Slab: Covers items such as computers and processed foods.
- 18% Slab: A standard rate that applies to a wide range of goods and services like soaps, toothpaste, and most services.
- 28% Slab: For luxury items, including cars, air conditioners, and tobacco products.