Complete solution for GST calculations in India
| Item | HSN Code | Price (₹) | Qty | GST % | GST (₹) | Total (₹) | Action |
|---|---|---|---|---|---|---|---|
| ₹0.00 | ₹0.00 |
| HSN Code | Description | GST Rate | Category |
|---|---|---|---|
| 8517 | Mobile Phones | 18% | Electronics |
| 8471 | Computers and Laptops | 18% | Electronics |
| 6001 | Cotton Fabrics | 5% | Textiles |
| 9403 | Furniture | 18% | Furniture |
| 8418 | Refrigerators | 28% | Home Appliances |
Keep all invoices, receipts, and documentation organized to claim maximum input tax credit and avoid compliance issues.
File your GST returns on time to avoid penalties, interest, and loss of input tax credit.
Regularly reconcile your books of accounts with GST returns to identify discrepancies and avoid notices from tax authorities.
Small businesses with turnover up to ₹1.5 crore can opt for the composition scheme to simplify compliance and reduce tax burden.
Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It was implemented on July 1, 2017, replacing multiple cascading taxes levied by the central and state governments.
| GST Rate | Types of Goods/Services |
|---|---|
| 0% | Essential items like fresh fruits, vegetables, milk, bread |
| 5% | Items of mass consumption like sugar, tea, edible oils |
| 12% | Processed food, apparel, medicines, smartphones |
| 18% | Most manufactured items and services |
| 28% | Luxury items, tobacco products, automobiles |
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CGST is collected by the Central Government and SGST is collected by the State Government on intra-state transactions. For example, on an 18% GST rate, 9% would be CGST and 9% would be SGST.
Businesses with an annual turnover exceeding ₹40 lakhs (₹20 lakhs for some states) need to register for GST. However, some businesses like e-commerce operators need to register regardless of turnover.
Input Tax Credit is the credit a business can claim for GST paid on purchases used in the course of business. It helps in avoiding cascading effect (tax on tax).
To extract GST from an inclusive amount, use the formula: GST Amount = (Original Amount × GST Rate) ÷ (100 + GST Rate)
HSN (Harmonized System of Nomenclature) code is a 6-digit uniform code that classifies goods for taxation purposes. It helps in standardizing product categories across GST filings.