Mutual Funds Calculator

Goods and Services Tax (GST) Calculator

GST Calculator

Amount (₹)

GST Rate (%)

Encluding GST

Excluding GST

The total value of your investment after Years will be

GST Amount

What is GST (Goods and Services Tax)?

GST or Goods and Services Tax is a comprehensive, multi-stage, destination-based indirect tax levied on the supply of goods and services in India. It has replaced various indirect taxes like VAT, service tax, excise duty, etc. GST is categorized into CGST, SGST/UTGST, and IGST depending on the type of transaction. Businesses collect GST from customers and claim Input Tax Credit (ITC) for the tax paid on purchases, reducing the overall tax burden.

GST Collected

₹1,80,000

Total GST collected from customers on the sale of goods or services in a given period.

Input Tax Credit

₹1,20,000

Tax already paid on purchases that can be used to offset GST liability on sales.

Net GST Payable

₹60,000

The final GST amount payable to the government after adjusting input tax credit.

Frequently Asked Questions (FAQs) – GST

Q1. Who needs to register for GST?

Any business whose aggregate turnover exceeds ₹40 lakhs (₹20 lakhs for services) must register for GST. Voluntary registration is also allowed.

Q2. What is Input Tax Credit (ITC)?

ITC allows businesses to deduct the GST paid on purchases from the GST they collect on sales. It helps reduce the overall tax liability.

Q3. How often should GST returns be filed?

Most businesses file GST returns monthly (GSTR-1 and GSTR-3B). Small taxpayers may opt for quarterly returns under the QRMP scheme.

Q4. What happens if I don't pay GST on time?

Late payment of GST attracts interest (currently 18% p.a.) and late filing penalties. It can also lead to blockage of ITC and notices from the department.

Q5. Can I claim ITC on all purchases?

Not all purchases are eligible for ITC. Items like food, beverages, personal expenses, and goods/services used for exempt supplies are excluded from ITC.