Goods and Service Tax Solution

STEP 0: Pre-Calculation Summary
Formula Used
Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate
GST = TA*GR
This formula uses 3 Variables
Variables Used
Goods and Service Tax - Goods and Service Tax is a consumption tax levied on the supply of goods and services in many countries around the world.
Taxable Amount - Taxable Amount refers to the portion of a transaction or income that is subject to taxation.
Goods and Service Tax Rate - Goods and Service Tax Rate refers to the percentage of tax applied to the sale of goods and services.
STEP 1: Convert Input(s) to Base Unit
Taxable Amount: 520 --> No Conversion Required
Goods and Service Tax Rate: 0.05 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
GST = TA*GR --> 520*0.05
Evaluating ... ...
GST = 26
STEP 3: Convert Result to Output's Unit
26 --> No Conversion Required
26 <-- Goods and Service Tax
(Calculation completed in 00.004 seconds)
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Credits

Created by Aashna
IGNOU (IGNOU), India
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Rashtreeya Vidyalaya College of Engineering (RVCE), Bangalore
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< 14 Tax Calculators

Taxable Income for Corporation
Taxable Income for Corporation = Gross Sales-Cost of Goods Sold-Operating Expense-ceil(Interest Expense)-Tax Deduction
Maximum Refund Amount
Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst
Total Eligible Credit
Total Eligible Credit = Total Itc-(Itc for Personal Expenses+Itc for Exempted Supplies+Non Eligible Itc)
Taxable Income for Individual
Taxable Income for Individual = Gross Total Income-ceil(Total Exemptions)-Total Deductions
GST Excluding Amount
Gst Excluding Amount = floor(Gst Including Amount)/(1+Goods and Service Tax Rate/100)
Partly Exempted
Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit
Retail Price
Retail Price = round(Price/(1+Percent),2)
Goods and Service Tax
Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate
Common Credit
Common Credit = Total Eligible Credit-Normal Input Tax Credit
Sales Tax Amount
Sales Tax Amount = Price*(Sales Tax Percentage/100)
Tax Equivalent Yield
Tax Equivalent Yield = Tax Free Yield/(1-Tax Rate)
Effective Tax Rate
Effective Tax Rate = Tax Expense/Pre Tax Income
Total Sales Tax
Total Sales Tax = Price+Sales Tax Amount
Net Price
Net Price = Cost of Product+Gst Amount

Goods and Service Tax Formula

Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate
GST = TA*GR

What is Goods and Service Tax ?

Goods and Service Tax is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. Critics point out, however, that the GST may disproportionately burden people whose self-reported income is in the lowest and middle-income brackets, making it a regressive tax.
These critics argue that GST can therefore cause income inequality and contribute to social and economic disparities. To address these issues, some countries have introduced GST exemptions or reduced GST rates on essential goods and services, such as food and healthcare. Others have implemented GST credits or rebates to help offset the impact of GST on lower-income households. Most countries with a GST have a single unified GST system, which means that a single tax rate is applied throughout the country.

How to Calculate Goods and Service Tax?

Goods and Service Tax calculator uses Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate to calculate the Goods and Service Tax, Goods and Service Tax is an indirect tax imposed on the supply of goods and services. Goods and Service Tax is denoted by GST symbol.

How to calculate Goods and Service Tax using this online calculator? To use this online calculator for Goods and Service Tax, enter Taxable Amount (TA) & Goods and Service Tax Rate (GR) and hit the calculate button. Here is how the Goods and Service Tax calculation can be explained with given input values -> 26 = 520*0.05.

FAQ

What is Goods and Service Tax?
Goods and Service Tax is an indirect tax imposed on the supply of goods and services and is represented as GST = TA*GR or Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate. Taxable Amount refers to the portion of a transaction or income that is subject to taxation & Goods and Service Tax Rate refers to the percentage of tax applied to the sale of goods and services.
How to calculate Goods and Service Tax?
Goods and Service Tax is an indirect tax imposed on the supply of goods and services is calculated using Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate. To calculate Goods and Service Tax, you need Taxable Amount (TA) & Goods and Service Tax Rate (GR). With our tool, you need to enter the respective value for Taxable Amount & Goods and Service Tax Rate and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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