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how to calculate reverse gst. In case of Intra-State transactions GST can be calculated as follows. Below mentioned is the formula to use while calculating reverse charge.
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10 118 118 GST inclusive amount. With the reverse GST calculator above you wont ever have to manually calculate this again. The reason for saying so is out of many issues one of the major issue is cascading effect that is Tax on Tax and therefore GST was proposed with the intention of having seamless flow of credit.
Harmonized reverse sales tax calculator GST PST and HST 2021.
In the example below B5 has been multiplied by 015 which is the same as 15. To figure out how much GST was included in the price you have to divide the price by 11 2201120. Normally in business the Customer pays the Tax on supply of items to a Vendor. In certain cases the receiver becomes liable to pay the tax ie the charge ability gets reversed which is why it is called Reverse Charges and vendor is expected to hold back the taxes.
