Frequently Asked Questions
1. What is the mathematical formula for calculating GST Exclusive price?
GST Amount = (Original Cost × GST%) / 100. Total Net Price = Original Cost + GST Amount.
2. What is the mathematical formula for calculating GST Inclusive price?
GST Amount = Gross Amount - [Gross Amount × (100 / (100 + GST%))]. Net Base Amount = Gross Amount - GST Amount.
3. What are the common items in 5%, 12%, 18%, and 28% GST slabs in India?
5% covers essential groceries and apparel; 12% includes processed foods and business computers; 18% covers IT services, banking, software, and industrial items; 28% applies to luxury automobiles, high-end electronics, and aerated beverages.