A GST calculator is an online tool that enables you to ascertain the cost of a product inclusive of GST and without GST as well. Although you can definitely calculate GST manually but it sure becomes cumbersome when there are more than one products in hand. Especially for the GST-registered taxpayers, a GST calculator comes real handy.
In this post, you will know how to calculate GST using the GST calculator, what is GST and the penalty for late payment of GST.
What is GST?
GST is an abbreviation for Goods and Services Tax. GST is a type of indirect tax. It is applicable at the same GST rates throughout the country and across products. However, products like petroleum and petroleum products, electricity and alcohol for human consumption does not fall in the gambit of GST. There are 4 different types of GST, viz. Central GST, State GST, Integrated GST and Union-Territory GST.
Must Read: GST Meaning, Types & Features
How to calculate GST using GST Calculator?
There are 4 GST rates, viz. 5%, 12%, 18% and 28%. GST on every product (goods and services, both) is calculated using these GST rates only. To calculate GST of any product, all you need is to search for a GST calculator online. Once you land on one, all you need to enter is the price of the product and in the next tab, the applicable GST rate and hit the Calculate or Submit button.
If you’re a manufacturer or wholesaler, you need to provide the following details to calculate GST:
- Cost of production or cost of goods
- Profit ration (%)
- GST rate (%)
After entering the above-said details, you’ll be presented with applicable GST amount.
Some GST calculators however are comprehensively made to help customers with the GST slabs as well by providing a list of types of goods. You can choose the type of goods/services you want to calculate GST for and the applicable GST rate of interest shall be auto-filled.
GST Late Fee Calculator
If you do not pay your GST return within the GST due date, the department levies late fee penalty. This amount of GST late fee depends on the number of days you’ve delayed in filing the GST return from the due date. That said, if your annual turnover is more than Rs 5 crore, you get a relaxation.
To use a GST penalty calculator, you need to provide the following details:
- State in which your business is registered
- Annual turnover (less than or more than Rs 5 crores)
- Tax period
- Date of GST return filing
- Tax liabilities
- Input Tax Credit
Note: This is not an exhaustive list. Some GST late fee and interest calculators may require more inputs.
Once the aforementioned GST details are entered, you will be able to see the tax liability after computing your ITC. Also, if you’re using a GST interest calculator, you will be required to enter the same details as mentioned above.
Interest on late payment of GST
If you do not file your GST return on time, you are required to pay interest on this late GST return filing. There is an interest of 18% that is charged by a GST-registered taxpayer upon late filing their GST return. In continuation, late payment fee is also charged upon late filing of GST.
Refer the table given below to ascertain the amount of late fee on filing GST after the due date:
|Type of GST Return
|Penalty to be charged (maximum)
|Nil GSTR (for GSTR-1 and GSTR-3B)
|Rs 500 per return
|GSTR-1 & GSTR-3B
|Annual turnover up to Rs 1.5 crores: Rs 2,000 per return Annual turnover between Rs 1.5 – Rs 5 crores: Rs 5,000 per return Annual turnover more than Rs 5 crores: Rs 10,000 per return
|Rs 500 per return
|Rs 2,000 per return
|Rs 2,000 (Rs 50 per day from the due date)
|GSTR – 9 (Annual GST Returns)
|Rs 200 per day from the due date of filing GST Return*
*Capped at 0.25% of the total turnover for the financial year.
Note: Abovementioned penalty is divided equally between CGST & SGST, wherever applicable.
GST Calculator: FAQs
GST calculator is an online application that calculates the amount of GST included in the price of a product, be it a good or any service.
You can use this formula: (Original cost x GST rate)/100.
Take this example: Cost of the product is Rs 100. GST rate is 5%. GST amount = (100×5)/100 = Rs 5.
Yes. Except from alcohol for human consumption, petroleum and electricity, prices of all the other goods and services are inclusive of GST.
You can easily register as a taxpayer under GST by applying online at the GSTN portal. It is a fairly simple process and can be complete at one go.
There is no need to separately login to GST Portal. You can use any online GST calculator.
You need to enter details of the sales and purchases you’ve made in a particular month and the GST will automatically get calculated when you’re filing your GST return at the GSTN website.
Unlike an Income Tax Return, GST return needs to be filed every month and that too two per month and one annual return. This number may vary depending on the type of GST taxpayer. If you’ve availed for the GST QMPR, then you need to file your GST return quarterly and one annual return.
GST full form is Goods and Services Tax.