With the unified system of taxation, it is now possible for taxpayers to know the tax levied at different points for various goods and services under the GST regimen. For the calculation of GST, the taxpayer should know the GST rate applicable to various categories. The different slabs for GST are 5%, 12%, 18% and 28%.
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.