GST is the Goods and Services Tax levied by the government of India on the manufacturers, sellers, and consumers of consumer goods and services at the national level. It is based on the principle of Value Added Tax (VAT). As GST is levied on value addition at each stage, a consumer has to pay only the GST charged by the last dealer or supplier in the supply chain.
Implementation of GST has affected various aspects of a business operation ranging from product pricing to tax compliance. This is where the online GST calculator comes in handy. The cost of goods and services can be calculated using an online GST calculator that is available on many third-party websites.
GST Tax Calculation Formula :
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.
Supose, amount is Rs. 5,00,000. Rate of GST is 10%. The calculation of add and remove GST calculation is as below