It also saves time and reduces the chances of human error while computing the total cost of goods and services. With the help of a GST calculator, you will know which tax slab will your transaction fall under and how much of tax will be levied on the goods/services being sold/purchased. GST calculator helps bifurcate between the different tax slabs - CGST, SGST and IGST. Now that you have a basic understanding of how GST works, we can go ahead to understand the working of GST in Tally along with its accounting and calculation. But when you sell something outside a state, 100% of it will be IGST which will go to the Central Government. IGST – Integrated GST – Applies to sales outside the state – goes to Central Governmentįor example, if you sell something within the state, 50% of the GST will be CGST and 50% of the GST will be SGST.SGST – State GST – Applies to sales within the state – goes to State Government.CGST – Central GST – Applies to sales within the state – goes to Central Government.What are the 3 types of GST Collected by Government This law has replaced many indirect tax laws that previously existed in India. In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. The Act came into effect on 1st July 2017 Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. GST is an Indirect Tax which has replaced many Indirect Taxes in India. Examples of GST Calculations with Formula.How to calculate GST using GST Formula?.What are the 3 types of GST Collected by Government.🎓 User-Friendly: A breeze for beginners and a powerful tool for experts. 📝 Seven Types of Drop-down Lists: Make data entry a breeze with drop-down lists of various features and types.
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