What is GST?
GST is an Indirect Tax for the entire country on the supply of goods and services, which has been replaced for many Indirect Taxes in India like VAT, CST, and many other taxes charged by the state government. It took 17 years to evolve this law, and in 2017 the GST Bill was passed in the Lok Sabha and Rajya Sabha. The Goods & Services Tax Law is a comprehensive, multi-stage, destination-based tax.
There are three types of GST: CGST, SGST/UTGST, IGST.
● Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) is imposed on the supply made by a registered person within the state.
● UTGST is imposed along with CGST on a supply made by a registered person within a union territory.
● IGST will be levied on the import or interstate supply of goods or services or both.
How To Calculate GST?
You can easily calculate the GST levied on you by the software provided by the ABV Pvt. Limited. A GST software calculates Integrated GST as the sum total of CGST and SGST or UTGST.
The formula used to calculate a GST is:
GST Amount = Actual Cost of an Item of the product X % GST Rate Imposed for the Goods or Services.
To calculate GST and account for it in an invoice:
Invoice Value = Taxable Value (+) GST Amount
Taxable Value GST will be levied on the value of supply so, the correct value of supply is required.
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