Good And Service Tax (GST) Calculator
GST Calculator
The Good and service tax (GST) calculator is used to calculate a broad based tax that is placed on the supply of goods and services that are consumed by individuals in the particular countries. This calculator is easy to use and follows a simple procedure of finding the GST amount. Besides the GST, you can also determine the net amount and gross amount.The first step is to select the country in which you would like to find the GST amount. Fill in the initial amount in the second text field. The (x) button is used to clear the contents entered in the cell. The rate of GST is determined automatically once you select your country. For example, Australia = 10% Canada = 5% Malaysia = 6% etc. It has two controls that perform different functions of the calculator. These are the ‘+Add GST’ and ‘-Subtract GST’. After entering the initial amount in the required text fields, click the ‘+Add GST’ to find the net amount, GST amount and Gross amount.
For example;
If you have the initial amount as $23500 at a GST rate of 10%, find the GST amount.Solution
Select ‘Australia’ as your country and then enter 23,500 as the initial amount. Click on the ‘+Add GST’ button to execute the conversion.Your results will be displayed as;
Net Amount = 23,500.00
GST amount = 2350.00
Gross amount = 25850.00
The GST calculator uses a specific formula in performing the conversions
Formula of calculating the GST amount
Canada – 10%GST = Initial amount x 10%
Gross Amount = Net Amount + GST amount
For example
The initial amount of goods and services is $12,000. Find the GST and gross amount.Solution;
Initial amount = $12,000GST = 12,000 x 10% = 12,000 x 10/100 = $1,200
Gross Amount = 12,000 + 1200 = $13,200
You can always repeat the same procedure whenever you want to calculate the GST amount in other countries. However, the rate of GST often varies in various countries.
