Question

why gst is good and what is difference between gst and vat

Answer 1

Hi there,
Gst stands for goods,service tax,It is good because due to which the prices of the commodity remains same as varies with states thus nobody will be exploited by merchants or traders..
Well,if we talk about difference between gst and vat is only that vat means value added tax while gst consist both in itself,vat may be vary from state to state while gst will not..The frequency of vat is lower..

Answer 2

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GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180

What are the types of GST?

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.

Types of GST in India- CGST, SGST & IGST

How do I calculate GST?

The formula for GST calculation:

Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.

Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.

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