GST Calculator
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What is GST?
It is a goods and services tax.
It is an Indirect tax.
It is divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%
Petroleum, alcoholic drinks and electricity are not taxed under GST.
How is GST calculated?
1. GST Exclusive:
GST Amount = (Original Cost x GST%) ÷ 100
GST amount on $100 for 18% GST would be :
100 x 18 ÷ 100
GST Amount = $ 18
Net Price = Original Cost + GST Amount
Net price in the above example would be 100 + 18 = $118
Example
2. GST Inclusive:
GST Amount = Original Cost – [Original Cost x {100 ÷ (100+GST%)}]
GST amount on $100 for 18% GST would be :
GST amount = 100 – [100 x{100 ÷ (100+18)}]
GST amount = 100 – 84.75 = 15.25
Net Price = Original Cost – GST Amount.
Net Price = 100 – 15.25 = $ 84.75
Net price in the above example would be 100 + 18 = $ 84.75