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GST Calculator
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GST - the Goods and Services Tax, is an indirect tax in India.
With its origin, it has replaced many other indirect taxes in India such as VAT, CST, central excise duty, service tax and so on. GST is levied on the sale of goods and services in the country. GST is collected at the point of consumption and not at the point of origin unlike other taxes.
GST is a comprehensive, multi-stage, destination-based tax. This is levied on every value addition. The law governing GST was passed in the parliament on the 29th of March 2017 and it was implemented across the country on the 1st of July 2017.
GST majorly consists of the following tax slabs:
Certain products and services like petroleum products, high-speed diesel, motor spirit, natural gas, aviation turbine fuel, and alcoholic liquor for human consumption do not come under GST. These products and services are taxed by the individual State Governments, as per their tax policies.
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What are different tax components under GST?
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CGST
Central Goods and Services Tax (CGST) - This is applicable to the transactions done within state boundaries or at the intrastate level.
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SGST
State Goods and Services Tax (SGST) - Very much like CGST, this tax is also applicable to the transactions done within state boundaries or at the intrastate level.
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IGST
This tax component is applicable to the transactions done between different states or at the interstate level.
Any sale or supply of goods or services within the state will be liable to CGST & SGST . That means the revenue collected from such sales are shared equally between the centre and the state. Before the introduction of GST, such transactions were subjected to VAT, central excise or service tax.
Similarly, IGST collected from any interstate transaction is collected by the Centre and then shared on the basis of destination of goods.
