GST Rates
A very simple gst app to find various goods and services with their respective gst rates and details.
In the recent trend of GST. This app will help you to find the gst rates of various different products & categories with ease.
You can use this to calculate GST on various different products you buy daily. One of the easiest gst calculator in the market.
Features of GST Rates App:
✔ Supports multiple languages.
✔ Check GST Rates in Hindi, Tamil, English, Marathi, Telugu, Kannada, Gujarati, etc.
✔ Easy to navigates.
✔ Updated with all latest references.
✔ Contains the full gst pocket guide as pdf in side it.
✔ Simplified GST book
✔ Contains all kind of details about GST Tax India.
GST Rate
What is GST Rates?
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0, 5%, 12% ,18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2 trillion dollar economy. The rate of GST in India is between double to four times that levied in other countries like Singapore.
What is full form of GST?
Full form of GST is Goods & Service Tax.
Benefits of GST?
There are various kinds of benefits of GST. One among all of them is that merchants are able to do business with ease. All kind of different taxes have been merged into one.
Types of GST?
SGST - State GST
CGST - Centre GST
IGST - Integrated GST
How is gst calculated in india?
All one needs to do is input the net amount of a good or service and the applicable GST rate (5%, 12%, 18% or 28%) into the tool. Click on the 'Calculate' button and instantly get the gross price of the good or service. GST calculation is represented by the below example:
A goods or service is sold at the rate of Rs.500. GST rate is 18%. Gross amount of the goods or service = 500 + [500 x (18/100)] = Rs.590
Formula for GST calculation:
Add GST:
GST Amount = (Original Cost x GST%)/100
Net Price = Org Cost + GST Amount
Remove GST:
GST Amount = Org Cost - [Org Cost x {100/(100+GST%)}]
Net Price = Original Cost - GST Amount
How will GST tax reform impact salaried people?
GST is relevant more for businesses and not so much for salaried people. The people earning salaries will continue to pay income tax on their salary and it will continue to be deducted from their monthly pay. GST is an indirect tax and as such has nothing to do with income tax or TDS.
Having said that, GST will be relevant for salaried people because they will now pay GST on almost all their expenses - restaurants, movies, shopping, consulting, basically everything. Depending on the rate of GST, their expenditure on these products may rise or fall.
However, I refrain from writing whether GST will affect the prices simply because we don’t yet know the rate of GST and also because prices are dependent on a lot of factors and tax is just one of them.
What will definitely change for salaried people is that their purchases will now be simplified and they would only look for GST on everything that they spend - better than having to deal with hundreds of other taxes on all purchase bills, like entertainment tax, luxury tax, service tax, VAT etc.
Note: This is not the official GST app.
A very simple gst app to find various goods and services with their respective gst rates and details.
In the recent trend of GST. This app will help you to find the gst rates of various different products & categories with ease.
You can use this to calculate GST on various different products you buy daily. One of the easiest gst calculator in the market.
Features of GST Rates App:
✔ Supports multiple languages.
✔ Check GST Rates in Hindi, Tamil, English, Marathi, Telugu, Kannada, Gujarati, etc.
✔ Easy to navigates.
✔ Updated with all latest references.
✔ Contains the full gst pocket guide as pdf in side it.
✔ Simplified GST book
✔ Contains all kind of details about GST Tax India.
GST Rate
What is GST Rates?
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0, 5%, 12% ,18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2 trillion dollar economy. The rate of GST in India is between double to four times that levied in other countries like Singapore.
What is full form of GST?
Full form of GST is Goods & Service Tax.
Benefits of GST?
There are various kinds of benefits of GST. One among all of them is that merchants are able to do business with ease. All kind of different taxes have been merged into one.
Types of GST?
SGST - State GST
CGST - Centre GST
IGST - Integrated GST
How is gst calculated in india?
All one needs to do is input the net amount of a good or service and the applicable GST rate (5%, 12%, 18% or 28%) into the tool. Click on the 'Calculate' button and instantly get the gross price of the good or service. GST calculation is represented by the below example:
A goods or service is sold at the rate of Rs.500. GST rate is 18%. Gross amount of the goods or service = 500 + [500 x (18/100)] = Rs.590
Formula for GST calculation:
Add GST:
GST Amount = (Original Cost x GST%)/100
Net Price = Org Cost + GST Amount
Remove GST:
GST Amount = Org Cost - [Org Cost x {100/(100+GST%)}]
Net Price = Original Cost - GST Amount
How will GST tax reform impact salaried people?
GST is relevant more for businesses and not so much for salaried people. The people earning salaries will continue to pay income tax on their salary and it will continue to be deducted from their monthly pay. GST is an indirect tax and as such has nothing to do with income tax or TDS.
Having said that, GST will be relevant for salaried people because they will now pay GST on almost all their expenses - restaurants, movies, shopping, consulting, basically everything. Depending on the rate of GST, their expenditure on these products may rise or fall.
However, I refrain from writing whether GST will affect the prices simply because we don’t yet know the rate of GST and also because prices are dependent on a lot of factors and tax is just one of them.
What will definitely change for salaried people is that their purchases will now be simplified and they would only look for GST on everything that they spend - better than having to deal with hundreds of other taxes on all purchase bills, like entertainment tax, luxury tax, service tax, VAT etc.
Note: This is not the official GST app.
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