Searching for the best GST calculator to improve the efficiency of your company, then here is a list of all the popular GST calculators.
GST is a concept that changed the way taxes were levied throughout the entire supply chain. With the implementation of the GST, several middle taxes were eliminated, simplifying the supply and sale of goods and services. The introduction of the GST calculator also made calculating the GST amount simpler and more accurate. The calculator is an easy-to-use tool for taxpayers to determine how much GST they must pay in order to use a service or purchase a product.
Types of GST
There are four types under which Goods and Services Tax (GST) is calculated in India. These are as follows:
- Central GST (CGST) – This tax on goods and services is calculated and collected by the Central Govt.
- State GST (SGST) – The State Govt collects the Goods and Services Tax under SGST.
- Union Territory GST (UTGST) – The Union Territory Govt collects this GST from the taxpayers.
- Integrated GST (IGST) – For exports and the interstate transfer of goods and services, this tax is paid. The Central Govt collects it.
Simplify your GST journey with insights from our GST advisory portal.
GST Calculation Formula With Example
To calculate GST, one can use the following formula:
To Add The GST Amount To the Base Amount of Goods or Services:
Add The Goods & Services Amount, where
Total GST Amount = (Original Cost * GST%) /100
Therefore,
Net Cost = Original Cost + GST Amount
To Remove the GST Amount From The Base Amount of Goods or Services:
Remove The Goods & Services Amount, where
total GST Amount = Original Cost – (Original Cost * (100/ (100 + GST%)
Thus,
Net Amount = Original Cost – GST Amount
The calculation of GST needs to be done per the state government’s regulatory norms and/or the central government. However, the calculation & value of the GST amount shall vary in accordance with the product under consideration and the price or the value that is associated with the same.If you are looking for the best GST calculator software for your business, then check out our list of the best GST calculator available online.
Best GST Calculator Software India
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Vakilsearch GST Calculator
With built-in modules that simplify income tax e-filing, tax compliance, and accounting, Vakilsearch provides one of the best GST calculators. Organisations can streamline all tax-related tasks with the help of its advanced features.
Features
- Inventory & tax management
- Transaction tracking
- E bill generation
- Billing & Invoicing
MasterGST
MasterGST, a well-known GST calculator software, contains all the essential features that are needed by businesses to efficiently manage their tax and accounting procedures. It is the ideal platform for tax professionals of small to medium business enterprises since it can be used to calculate both intrastate and interstate tax.
Features
- Bank reconciliation
- Billing & invoicing
- GST returns management
- E-mail integration
- Purchase & sales management
- Data security & backup
Pros
- Single one-point dashboard with robust features
- A user-friendly system with a navigable interface
- Excellent customer support
Cons
- Does not have an API
- It could improve the speed of upgrades
Tally ERP
Tally ERP Software Solutions, one of the most well-known accounting software in India, can speed up the GST computation procedure for any business. The most recent features for sales, inventory, accounting, and compliance management are all correct and up-to-date.
Features
- Visual dashboard with current data
- CRM & sales management
- Detailed invoicing templates
- GST implementation
- Report generation
- Income tax e-filing
Pros
- it Implements all statutory compliances related to VAT, GST, and TDS
- High functionality, accuracy, & speed
- One-click report creation
Cons
- Not on a cloud storage basis
- No web version is available
- Mobile or tablets are not supported
GST.Softwaresea
A widely used and well-liked GST calculator, Softwaresea fulfils all the diverse tax and accounting requirements of enterprises. It is a completely automated application that can quickly compute GST and other corporate taxes, guaranteeing that the business adheres to all necessary requirements.
Features
- Automated tax filing
- Advanced Reporting
- Sales tax exemption management
- Pre-built Integrations
- Centralized tax management
Pros
- Compatible with a number of systems
- Highly secure & up-to-date platform
- Excellent customer support and community
- High control over data access
Cons
- Lacks basic inventory management features
- Requires certain advanced GST tax preparation features
EasyCalculation
EasyCalculation is a structured system for Indian companies to streamline their tax procedures and regulatory frameworks. It is a free online GST calculator software. Managers can use the quick and precise calculator to determine the precise amount of federal and state taxes owed by a given business enterprise.
Features
- Currency conversion
- Multi-language support
- GST computation
- Automatic challan generation
- Integrated Data Import and Export
Pros
- Active on-chat support and assistance
- Ideal for multi-branch enterprises
- High degree of customization
- Free upgrades for better compliance
Cons
- Could have more reporting templates and features
- It does not have advanced GST tax filing & preparation features
RapidTables
RapidTables is a simple and user-friendly online GST calculator software that includes a number of features that can assist with essential accounting, managing taxes, and maintaining compliance for businesses. Managers may save a tonne of time, money, and effort with this flexible, responsive, and feature-rich application.
Features
- Multi-layered security mechanism
- Comprehensive GST calculation and report generation
- Transaction tracking
- Data import/export
- Online GST portal
- E-payment facility
Pros
- User-friendly dashboard with up-to-date real-time data
- Seamless data security and accuracy
- Holistic GST compliance suite
Cons
- it needs to have faster upgrades and more advanced features
- Customer support needs to be improved
Magento 2 GST Extension
This Magento 2 GST extension enables auto-calculation and applies GST on customers’ purchases. It has been developed to meet the standards and norms of the GST tax rules in India. Calculating GST is a bit of a cumbersome task, so integrating Indian GST rules into Magento 2 would make it easy for store owners to calculate GST.
Features
- it Applies GST products specific to Magento 2 GST extension.
- GST can either be calculated on the shipping address or on the billing address.
- It is easily compatible with all Magento 2 product types.
- Easy to integrate & configure.
- should set a minimum product price before applying GST.
- Can easily GST on creating orders from the backend.
Pros
- Facilitates easy GST calculation.
- It does a Quick division of SGST and CGST for the intra-state transactions.
- Saves time for the store owner.
- The GST management process becomes easier and more efficient.
Cons
- The reverse charge mechanism is absent.
These are all the best GST calculators available online.
FAQs
What is a GST calculator?
A GST calculator is a tool designed to help individuals and businesses calculate the Goods and Services Tax (GST) payable or receivable on a given transaction or set of transactions. The GST is a consumption tax levied on the supply of goods and services in many countries, including India.
Why is it important to use a GST calculator?
The GST calculator assists in accurately bifurcating the rates for CGST and SGST, or calculating IGST. By doing so, it saves time and minimises the likelihood of human errors when computing the total cost of goods and services.
Which factors should I consider when choosing a GST calculator?
When calculating GST, it is crucial to take into account essential factors such as the GST rate, taxable value, and type of supply, all of which are considered by the calculator.
What features should the best GST calculator have?
The key features of a best GST calculator includes security, multi-platform adaptability, flexibility, cognizance, and user interface & reporting.
Are there any free GST calculators available?
Yes, there are free GST calculators available online that can help you calculate GST for various transactions. These calculators are accessible and do not require any payment for their use.
Which is the most accurate GST calculator?
Determining the most accurate GST calculator depends on various factors like regular updates, compliance with tax regulations, and precision in calculations. It is advisable to compare different options and choose one that meets your specific needs and has a reputation for reliability.
Can I use a GST calculator for different tax rates and types of goods/services?
Yes, you can use a GST calculator for different tax rates and types of goods/services. A good GST calculator allows you to input varying GST rates and handle different types of transactions with ease and accuracy.
Is there a GST calculator specifically for e-commerce businesses?
Yes, some GST calculators are tailored specifically for e-commerce businesses, taking into account the unique complexities and requirements of online transactions. These specialised calculators can help e-commerce businesses accurately calculate GST for their products and services.
Are there any GST calculators with additional features like invoice generation?
Yes, there are GST calculators available with additional features like invoice generation, allowing users to calculate GST and create GST-compliant invoices in a single tool, streamlining the billing process for businesses.
Where can I find reviews or comparisons of different GST calculators?
You can find reviews and comparisons of different GST calculators on various online platforms, such as technology websites, business forums, and software review websites, where users share their experiences and insights about the different calculators available.
Conclusion
Using a GST calculator for your company can help you to improve your working efficiency and bottom-line results. However, if you are facing difficulty in calculating your GST, our expert team at Vakilsearch can offer you the best services that help you file all your error-free returns on time.
