Knowledge Base

GST — Goods & Services Tax

GST Amount = Base Price × GST Rate. Total = Base + GST

GST slabs: 0%, 5%, 12%, 18%, 28%. Most services fall under 18%.

CGST + SGST for intra-state. IGST for inter-state transactions.

Input Tax Credit (ITC): Businesses can offset GST paid on purchases against GST collected.

GST registration mandatory if turnover > ₹40L (goods) or ₹20L (services).

Composition scheme: Simplified GST at 1-6% for small businesses < ₹1.5 Crore turnover.

Pro Tip

Always check HSN/SAC code for correct GST rate on your product/service — wrong rate can attract penalties.

GST — Goods & Services Tax - Complete Guide

Everything you need to know about GST and how to optimize your financial strategy.

Understanding the Formula

The core calculation is based on:

GST Amount = Base Price × GST Rate. Total = Base + GST

Key Concepts & Rules

GST slabs: 0%, 5%, 12%, 18%, 28%. Most services fall under 18%.

CGST + SGST for intra-state. IGST for inter-state transactions.

Input Tax Credit (ITC): Businesses can offset GST paid on purchases against GST collected.

GST registration mandatory if turnover > ₹40L (goods) or ₹20L (services).

Composition scheme: Simplified GST at 1-6% for small businesses < ₹1.5 Crore turnover.

Expert Strategy

Always check HSN/SAC code for correct GST rate on your product/service — wrong rate can attract penalties.

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