gst: 6-month GST payment freeze for worst-hit sectors, a lower ...

Goods and Services Tax (GST) is imposed by the Government of India at the national level. GST is applicable to sellers, manufacturers, and consumers of goods and services.

Similar to VAT, GST is levied at each stage of the supply chain, and consumers pay the GST amount applied by the last dealer or supplier in the cycle.

Finding your GST payable amount online is easy, and there are several GST Calculators available on the web, which can help you to find the GST payable amount. Paisabazaar, GST Calculator, Cleartax, TaxAadda, MastersIndia, are some of the examples.

Before calculating your GST payable amount, you need to be aware of a few key concepts as follows –

  • Owing to the new tax structure, there are different GST rates applicable for different categories, such as 0%, 5%, 12%, 18%, and 28%.
  • You should also be aware of the different Tax heads that fall under GST, such as –

-Central Goods and Services Tax (CGST):  It is collected by the Central Government.

-State Goods and Services Tax (SGST): It is collected by the State Government.

-Union Territory Goods and Services Tax (UTGST): It is collected by the Union Territory Government.

-Integrated Goods and Services Tax (IGST):  It is collected by the Central Government for inter-state transactions and imports. For instance, when a supplier of a product is in a different state but supplies the product to a different state, an equal CGST and SGST is levied for interstate supplies.

  • You also need to know the concept of Reverse Charge under GST, which is practised in special cases of imports and notified supplies. Check out our website for a detailed understanding.

There are several GST calculators available online. The tool helps to calculate GST payable amount for a month or a quarter. It can be used by everyone, from buyers to manufacturers, and wholesalers.

With the help of the calculator, you can calculate the gross and net product price on percentage-based GST rates. Furthermore, the calculator also provides bifurcation rates between CGST and SGST and also calculates IGST.

Here’s how to use GST online calculator available on the web –

  • Select GST Inclusive / GST exclusive option as per your choice
  • Type the original amount of the product
  • Select GST percent rate for the product
  • Click on the “Calculate” option. You will receive the final amount of the product
  • The GST amount can be used by manufacturers, wholesalers and retailers alike

You can also use the GST formula to calculate the amount easily. Below is the formula to calculate the amount:

To Add GST:

GST amount = (Original cost x GST%)/100

Net price = original cost + GST amount.

To Remove GST:

GST amount = Original cost – [Original cost x {100/(100+GST%)}]

Net price = Original cost – GST amount.

With the help of the GST calculator tool, you can calculate either gross or net product price on percentage-based GST rates. The GST calculator saves time and reduces the chances of human error while calculating the total cost of goods and services.

You can also view your GST payable amount from the GST common portal. Here is a step-by-step guide to check your payable amount:

Visit the GST common portal at gst.govt.in. You do not require to login to check your payment amount.

  • On the homepage, click on Services>> Payments>> Track Payment Status.
  • Enter your GSTIN and CPIN and click on Track Status
  • The payment status is either ‘Paid’ or ‘Not Paid’
  • To check your Payable amount, click on the ‘Not Paid’ option
  • By clicking on ‘Download’, you can save a copy for future offline reference
  • For a preview of the Challan and bifurcation of the payable amount, click on ‘View Challan’
  • The Challan contains the following details –

-CPIN, Challan Generation Date, Challan Expiry Date, Mode of Payment, Your GSTIN/Other ID, Email, Mobile Number, Name, and Address.

-Details of deposit are bifurcated as per CGST, IGST, Cess, SGST, and Total Challan Amount.

-Additionally, you will also find beneficiary details.

  • If your status is Paid, click on ‘View Receipt’ and then ‘Download’ the receipt for future reference

For a more detailed understanding, visit our website on GST Bill format.

The advantages of implementing the single indirect tax of GST on products can be stated briefly as follows:

  • Firstly, it eliminates double taxation on commercial goods.
  • GST maintains a unified standard. It further also creates transparency between the manufacturer and the consumer.
  • Experts claim that the issue of inflation also reduces due to the implementation of GST.
  • Furthermore, GST is bound to reduce tax liability. Since input tax is available against output tax, a reduction in price is expected.