GST Calculation Explained
GST (Goods and Services Tax) is a single indirect tax on the supply of goods and services. GST is divided into CGST (Central GST), SGST (State GST), and IGST (Integrated GST) for interstate transactions.
GST Slabs in India
- 5% - Essential goods, household items
- 12% - Processed food, restaurants
- 18% - Most goods and services
- 28% - Luxury items, automobiles