Learn how you can simplify your tax compliance with the help of a GST calculator, and find out how Bajaj Finserv Business Loan’s flexible loan options can help you with your GST payments.
Goods and Services Tax (GST) replaced multiple indirect taxes with a single, unified tax system. This has made taxation simpler in India, but keeping track of your GST payments along with other expenses can still be a bit tricky. Whether you are a retailer, wholesaler, or service provider, calculating GST accurately is absolutely essential to avoid compliance issues. This is where a GST calculator can make your life easier!
So let us break down how to use an online GST calculator to simplify your GST payment process, so you can focus more on growing your business and less on tax math.
What is a GST calculator?
A GST calculator is an online tool that helps businesses quickly calculate the GST amount on goods or services. Instead of manually applying complex formulas, you can input a few details like the net price and GST percentage, and the calculator will give you:
- Total GST amount
- Total price including GST
- Breakdown of CGST, SGST, or IGST amounts
Reasons why a GST calculator is essential for businesses
Using a GST calculator offers several advantages for businesses:
- Saves time and effort: Forget complex formulas. A GST calculator provides instant and accurate results without manual errors
- Ensures accuracy: Even a small mistake in tax calculations can cost your business. A GST calculator eliminates errors by automating the process
- Breaks down GST components: It shows the CGST, SGST, and IGST amounts separately, making it easier to file GST returns
- Estimates the gross price: Businesses can also use it to calculate the gross price of their products or services, helping with pricing strategies
Using an online calculator like the Bajaj Finserv GST Calculator not only saves time but also reduces the risk of errors in your GST payment calculations.
How to use the Bajaj Finance GST calculator
Below is a step-by-step guide to using a GST calculator based on your business role:
Buyer (consumer, distributor, importer, etc.)
Step 1: Add the net price of the item in the designated section
Step 2: Enter the applicable GST percentage (5%, 12%, 18%, or 28%)
The calculator will display the total price including GST and GST amount.
Manufacturer, wholesaler, or retailer
Step 1: Enter the cost of production (in Rupees)
Step 2: Input your profit ratio (%)
Step 3: Enter the applicable GST percentage
The calculator will show the total tax (IGST), the breakdown of CGST and SGST/UTGST and the total price after GST
How a business loan can help with GST payments
While the GST calculator simplifies your tax calculations, paying GST on time is crucial to avoid penalties. However, businesses often face liquidity crunches during the tax payment cycle. This is where reliable lenders like Bajaj Finance step in to save the day! With access to funds of up to Rs. 80 lakh, you can manage your working capital needs, including timely GST payments, inventory purchases, and more.
Here is why a Bajaj Finserv Business Loan is perfect for businesses:
- Whether you need funds to cover GST payments or expand your operations, you can access up to Rs. 80 lakh based on your business requirements
- Choose a repayment schedule that aligns with your business cash flow, anywhere from 12 months to 96 months
- In most cases, the loan amount is credited to your bank account within 48 hours of approval
- No collateral is needed to apply for a Bajaj Finserv Business Loan
Managing GST payments does not have to be stressful. With a GST calculator, you can easily calculate your tax liability. And if your business needs a financial boost to cover GST payments or other working capital needs, a Bajaj Finserv Business Loan is your go-to solution. Do not let financial hurdles slow down your business. Apply for a business loan with Bajaj Finance today and take your business to new heights!
(This article is part of IndiaDotCom Pvt Lt’s consumer connect initiative, a paid publication programme. IDPL claims no editorial involvement and assumes no responsibility or liability for any errors or omissions in the content of the article.)
