What is GST calculations

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GST calculations refer to the process of computing the amount of Goods and Services Tax payable on a transaction.

GST is a value-added tax levied on the supply of goods and services.
The GST calculation involves determining the taxable value of the transaction and applying the appropriate GST rate.
There are different GST rates for different goods and services, such as 0%, 5%, 12%, and 18%.
Input tax credit can be claimed on GST paid on purchases and expenses.
The GST calculation is important for businesses to ensure compliance with tax laws and to accurately determine the cost of goods and services.
For example, if the taxable value of a transaction is Rs. 10,000 and the GST rate is 18%, the GST payable would be Rs. 1,800.

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