How to Calculate GST 2023?
What is GST?
GST stands for Goods and Services Tax. However, to calculate GST, you must know the GST rates. If you are running a business, you may collect the goods and services tax from your customers for supplying goods. However, GST rates vary from country to country as for New Zealand; it is different and different for others; they may be zero in certain circumstances..
However, GST is a payable tax that applies to many products. You must pay this tax to your supplier when you buy something for your business. There are many ways to calculate the GST amount, but we will describe the easiest way to calculate it. Let’s dive into the calculations.
GST Rate World wide
| New Zealand | 15 Percent |
| Australia | 10 Percent |
| India | 18 Percent |
| Singapore | 7 Percent |
| Malaysia | 6 Percent |
| GST UAE | 5 Percent |
| GST EGYPT | 10 Percent |
How to Calculate the GST amount using Online Calculator?
Few Steps to calculate the GST using this calculator.
Step-1
Select the Country from Drop down, Select other if the country is not in the list
Step-2
Enter the Amount and Percentage rate(if your country is not on the list otherwise percentage is automatically added)
Step-3
Select your desired method Inclusive(Remove GST) or Exclusive(Add GST)
How to Calculate GST (Remove GST Amount GST Inclusive)?
GST Inclusive amount contains the amount in which the GST rate is applied, if you are worried about whether the GST amount added is correct or not, don’t worry we are going to provide the manual way to find your net amount in which you will quickly get the GST amount and your net amount.
Calculating GST Part
To get the GST part of the GST inclusive amount you need to divide the GST inclusive amount by (100+GST rate) and multiply by the GST rate.
Let’s suppose we have GST inclusive amount is $600 and the GST rate is 8%.
(600÷100+8)*8=$44.44
Calculating Net Amount
To get GST exclusive amount while knowing GST inclusive value you need to multiply GST inclusive price by 100 and then divide the result by (100+GST rate).
Let’s suppose we have GST inclusive amount is $600 and the GST rate is 8%.
(600*100)÷108=$555.56
Example
Let’s suppose the GST inclusive amount of $250 and the GST ratio is 4%
To get GST inclusive amount these are the simple steps to work out
- Calculating GST Part
(250/104)*4=$9.62 - Net Value
(250*100)/104=$240.38
How to Add GST Amount to get GST inclusive?
To add the GST amount, multiply the Exclusive amount by (GST rate ÷ 100+1).
Step-1
Let’s assume we have a GST exclusive amount of $100 and the GST rate is 5% we have to calculate the GST inclusive these are the following steps to perform
- $100*(5÷100+1)
- $100*1.05
- $105
Example
Lets we have a amount of $150 and GST rate is 3%
- $150*(3÷100+1)
= $150 * 1.03
= $154.50
GST Calculation Formula
Remove GST Manually
- {(Amount) ÷ (100 + GST rate)}*GST rate.
- Let’s suppose we have GST-inclusive amount is $300 and the GST rate is 8%.
- $300÷(100+8))*8=$22.22
Add GST Manually
- (Amount) * {(GST rate ÷ 100)+1}
- Let’s suppose we have GST exclusive amount is $300 and the GST rate is 4%.
- ($400) * {(4 ÷100)+1} =$416
Step-1
Enter your amount in the given formula in the (Amount Place)
Step-2
The amount you entered should be according to the formula you choose. If you want to add the GST amount you have to choose the Add GST formula and vice versa.
Step-3
Verify your answer with our online calculator.
