Managing your business taxes can often feel like a puzzle. One minute you are focusing on your sales and the next, you are trying to figure out how much GST you need to pay. It can get cumbersome. However, the good news is that you do not have to do these calculations manually anymore. With an online GST calculator, you can save time, avoid errors, and get precise results in just a few clicks.
Whether you are a buyer, manufacturer, or retailer, this handy tool can not only help you figure out your GST liability but also assist in planning your cash flows better. So let us explore how to use a GST calculator and why it is a must-have for every business owner.
Advantages of using an online GST calculator
Here are some solid reasons to use a GST calculator instead of relying on manual computations:
- Ease of use and time-saving: GST calculators simplify your GST calculations and give instant results, saving you from spending hours on spreadsheets
- Accuracy: Manual calculations are prone to errors. A small mistake could lead to incorrect filings and penalties. With a GST calculator, you can be sure of precise results every time
- Breakdown of tax components: The tool provides a detailed breakdown of CGST, SGST, and IGST, making it easier to understand how much tax you are paying at each level
- Estimation of gross price: The calculator gives you an estimated gross price, so you are never in for a surprise
Although you can use any online GST calculator, a reliable tool like the one offered by Bajaj Finance has a user-friendly interface and provides accurate answers. Here is how you can use the Bajaj Finserv GST Calculator based on your business role:
- Buyers
Buyers include individual consumers, businesses, government agencies, distributors, and importers. Here is what to do:
Step 1: Add the net price of the item in the designated section
Step 2: Enter the applicable GST percentage based on your purchase category
The calculator will instantly display the total tax amount and gross price you need to pay.
- Manufacturer/Retailer
Manufacturers and retailers include pharmaceutical companies, automobile manufacturers, electronics wholesalers, online retailers, etc. Here is what to do:
Step 1: Input the cost of production in rupees
Step 2: Enter the profit ratio percentage you plan to keep
Step 3: Add the applicable GST percentage for your product category
Once you have filled in these details, the GST Calculator will give you a detailed breakdown of the total price (including GST), tax amount, CGST amount, SGST/UTGST amount and IGST amount if applicable in your case.
Managing GST payments with a business loan
Running your business means balancing multiple financial commitments, from GST payments to day-to-day operational expenses. When facing a tight spot, a business loan is the perfect solution to support your working capital needs.
Here is why thousands of businesses trust Bajaj Finance for their business loans:
- Get a business loan of up to Rs. 80 lakh to meet your business needs without the need to pledge any assets
- Once your loan is approved, you will get the funds in your bank account within 48 hours
- Choose a repayment tenure that suits your cash flow, with options ranging from 12 months to 96 months
- All fees and charges are clearly mentioned upfront, so you are never caught off guard by any surprise costs
- You can complete the entire process online from the comfort of your office or home
Whether it is to cover your GST obligations, expand your business, or boost your working capital, a Bajaj Finserv Business Loan gives you the financial freedom to seize new opportunities and grow your business.
So why wait? Simplify your GST calculations today and take the next step in your business journey with Bajaj Finserv Business Loans.
Moneycontrol Journalists are not involved in creation of this article.
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