GST and Basic Taxation

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. At Std XI level we handle its basic computation on a single transaction.

Taxable value, GST and invoice value

• Taxable value — the price of the goods/services before tax (the base on which GST is charged).
• GST at rate $g\%$ is $\dfrac{g}{100}\times\text{taxable value}$.
• Invoice (total) value $=\text{taxable value}+\text{GST}=\text{taxable value}\left(1+\dfrac{g}{100}\right).$

CGST, SGST and IGST