As a small business owner, you are used to calculating your GST requirements and making the necessary payments on a monthly basis. Speed up this process and easily know how much tax you owe with the help of a digital GST calculator. Such calculators use specific formulae to quickly calculate GST for purchasers, manufacturers, wholesalers, and retailers.
As a small business owner, you are used to calculating your GST requirements and making the necessary payments on a monthly basis. Speed up this process and easily know how much tax you owe with the help of a digital GST calculator. Such calculators use specific formulae to quickly calculate GST for purchasers, manufacturers, wholesalers, and retailers.
How buyers can calculate their GST
If you are a buyer, here's what you need to do to determine your GST:
- Enter the net cost of the products.
- Select the appropriate tax slab for the products.
The GST calculator will immediately display:
1. The total cost of the goods
2. The CGST amount owed
3. The IGST amount owed
4. The total amount of tax owed
You can also use this calculator if you are a manufacturer or even a wholesaler or retailer. Here's how the calculator works in such cases.
How manufacturers can calculate their GST
Input these figures into the calculator:
- Costs of production
- Profit ratio
- GST slab applicable to the goods being produced
The GST calculator will then provide:
- Total production cost
- The CGST owed
- The IGST owed
- The total amount of tax
How wholesalers and retailers can calculate their GST
For vendors, calculating GST requires only the entry of the following values:
- Cost of commodities sold
- Profit ratio
- GST slab applicable to the goods being sold
The calculator will show you:
- The total expense
- The CGST owed
- The IGST owed
- The total amount of tax due
Pay your GST easily with a business loan
Calculating your GST in advance can give you an advantage when organising your payments. Nonetheless, fluctuations in market trends, demand and supply, or seasonal lows and peaks can deplete your working capital, leaving you unable to make timely GST payments.
Obtaining a business loan is an excellent method to augment your working capital. Reputable NBFCs, such as Bajaj Finserv, offer financing up to Rs. 50 lakh, which can easily cover significant unanticipated expenses. Apply for this loan online without any hassle, by filling out a basic form and submitting your financial documents. After your application has been approved, the money will be deposited into your bank account within 48 hours, after which you are free to use it as you see fit.
In addition, no collateral is required to obtain a business loan. With up to eight-year terms and flexible repayment conditions, business loans are the ideal way to keep your enterprise operating efficiently and without missing any tax payments.