GST Forum India: Discuss GST Queries India

 

Contact Information
Nirmal Jain
jaipur
jaipur
Rajasthan - 302004
India
0141-4072000
jnirmal920@gmail.com
 
gstforumindia.in is a platform where Tax Payers and TAX Consultants like CA, CS, and Advocates are come together on sites and discuss all of the GST related queries in India.

In India, GST has come as a new tax system which removes all of the indirect taxes and creates a single tax system. GST will help to improve Indian economy faster. The journey of GST has been started in India under the past prime minister Atal Bihari Vajpayee in 2000. Groundwork of GST has been started by finance minister P. Chidambaram in 2006 and almost the rollout date of GST was fixed for April 2010 in India. Due to some issue, this rollout could not be done. Rollout date of GST has been postponed more than 10 times in India. After a lot of hindrances, the GST was finally fully implemented in India on 1st July 2017.

TOOLS OFFERED BY GSTFORUMINDIA.IN

GST Calculator
HSN/SAC Code

GST Calculator

​The GST calculator is an online calculator that calculates both the interstate and intrastate GST tax rate of the product and services which is given.

How to calculate GST in India
How GST calculator works

How to calculate GST in India

For proper use of GST calculator, you must need to understand the process of calculating the tax rate and what formula is used for it.

The GST calculation formula is based on many factors including the transaction type(interstate and intrastate), GST tax rate of product and GST type. The Indian government has introduced four different type of tax rate including 5%, 12%, 18% and 28% for different products.

Besides, two different types of GST taxes, named SGST (State GST) and CSGT (Central GST) will be appropriate for all intrastate transactions (within the same state), while a single IGST (Interstate GST) tax will be implemented on all interstate transactions (across different states).

How GST calculator works

We understand the calculation process by following steps :
First of all, select the transaction type(interstate and intrastate).
After then, select GST rate(5%, 12%, 18% and 28%) of product which is given.
After put the purchase and sale rate of product to know the total cost after the GST.
Then, in the end select the type of GST like SGST, CGST and IGST. The final cost after GST included will be displayed next.

HSN/SAC Code

HSN (Harmonized System of Nomenclature) code is a code for the product which is originated by WCO (World Customs Organization) for a proper and systematic classification of different tradeable assets. Under GST system, HSN code is used to identify every taxable product category in India. SAC (Service Area Code ) is the unique code assigned to every type of particular services. The HSN code is followed by many countries.

While filing tax returns taxpayers are required to mention HSN code

Taxpayers or businesses whose have their annual turnover less than 1.5 crore Rs. They do not need a HSN Code
Annual turnover of businesses b/w 1.5 crores to 5 crores have to use the two-digit HSN codes for all their products.
Taxpayers which have their annual turnover equal to or more than 5 crores need to write relevant four-digit HSN codes in their bill.
Eight-digit HSN codes will be applicable for all imports and exports, .
For more information, visit: https://gstforumindia.weebly.com/home/gst-forum-india-discuss-gst-queries-india


GST Forum India, GST Rate

 

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