As a small business owner, you are familiar with the monthly process of figuring out your GST dues, and making the required payments.
Execute this task easily, and cut down on the time taken to calculate your taxes, by using an GST calculator. They tend to be fast, precise, and avoid any issues caused by manual error.
Digital GST calculators can be used by anyone who owns a small business and is responsible for their firm’s bookkeeping. These calculators come with specific formulas to help buyers, manufacturers, wholesalers, and retailers to calculate their GST in seconds.
GST calculation for buyers
If you are a buyer, follow these steps to know your GST:
-Input the net price of the goods
-Choose the correct tax slab applicable to the goods
The GST calculator will instantly tell you:
1. The gross price of the goods
2. The amount of CGST levied on the goods
3. The amount of IGST levied on the goods
4. The total tax amount
GST calculation for manufacturers
Manufacturers can know their GST by entering the following values into the calculator:
-Cost of production
-Profit ratio (in percentage)
-GST slab (in percentage)
The GST calculator will then give you:
1. The total cost of production
2. The amount of CGST
3. The amount of IGST
4. The total tax amount
GST calculation for wholesalers and retailers
For sellers, GST calculation takes just as long as you need to enter the following values:
-Cost of the goods you sell
-Profit ratio (in percentage)
-GST slab (in percentage)
You will get:
1. The total cost
2. The amount of CGST
3. The amount of IGST
4. The total tax owed
Managing your GST payments
Calculating your GST in advance can give you a leg up when it comes to planning the payments. However, fluctuations in market trends, demand and supply, or seasonal lows and spikes can deplete your working capital, leaving you without enough in the kitty to make your GST payments on time.
Small business loans are a great way to top up your working capital. Reputed NBFCs like Bajaj Finserv provide finance up to Rs. 50 lakh, which covers large unplanned expenses with ease. These loans are easy to apply for and get – you can complete your application online in minutes by filling out a form and providing basic documentation about your business. Once your application is approved, disbursal of funds into your bank account takes only 48 hours, after which there is no restriction on how you use the money.
What’s more, you don’t need to mortgage any assets to get an online business loan. With long tenures going up to 8 years and flexibility in repayment terms, small business loans are the ideal way to keep your enterprise running smoothly, with no missed tax payments.
Moneycontrol journalists were not involved in the creation of the article
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