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Day: June 26, 2018

How to Use a GST Calculator to Know Your Liability Value

When it comes to using a GST Calculator, you should certainly be aware of the process before venturing to calculate the liabilities. Calculating the GST which is payable when you are filing returns can be a challenging assignment in itself. Taxpayers should be aware of all aspects including non-eligible ITC (input tax credit), eligible ITC, inter-state sales, reverse charge and exempted supplies prior to the calculation of the GST amount that has to be paid. If a lower amount is paid by you, interest at the rate of 18% on the remainder will have to be paid.

This makes it necessary to calculate the right GST amount which is payable. The liability will be worked out by the addition of the GST on output supplies, reverse charge and inward supplies. The opening balance of the electronic credit ledger and electronic cash ledger will be taken into account when working out the GST liability for a single month. Liability is automatically calculated when GST returns are filed each month. However, liability calculations may be required by the taxpayer beforehand in order to keep money aside for liability.

This is where a GST Calculator comes in very handy indeed. In this calculator, you will have to enter in the month for which you are doing calculations, the due date for filing returns for the month, actual return filing date, purchases on which reverse charge mechanism applies, total tax liability for the month, opening cash ledger balance, eligible ITC (GSTR-2) and the opening balance of your credit ledger. The other sections will be automatically worked out on the basis of your entries.

The GST Calculator also helps in calculating the output tax liability. This can be worked out by multiplying the GST rate with the total value of advances and supplies. Suppose Rs.20 lakh is the total value of interstate sales with Rs.10 lakh being the total value of intrastate sales. Suppose the interstate advanced garnered by you is Rs.5 lakh. IGST in this case will be 20 lakh * 18% = 3,60, 000 + 5 lakh * 18% =Rs.90,000, i.e. the total IGST will be Rs.4,50, 000/-

On the other hand, CGST and SGST will be 10 lakh *9 % = Rs. 90,000 each. These values have to be keyed in the columns provided. GSTR-3B also offers adequate information in this regard. Also, taxpayers who have company turnover up to Rs.1.5 crore will not be required to pay GST on advances arising from supply of goods. GST on these supplies will only be paid when those goods are supplied.

The opening balances of the electronic credit ledger and electronic cash ledger can be found via the GST portal. Upon keying in all these numbers, there will be automatic calculation of GST liability. In addition to GST liability, late fees if applicable and interest will also be worked out accordingly.

Also Read : All you need to know about GST

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How Is Online Learning Revolutionizing the Education?

There are several constraints in the traditional learning methodologies. There have been several reforms to make learning more effective and at present, online learning is the new talk in the education sector.

Online learning can be defined as a type of learning where the learning process is facilitated by the internet. In other words, in online learning, the learners use the internet to learn. At present online education is widely recognized and used. Now, almost every individual who owns a digital device uses online learning in some form or the other.

There are several advantages of online learning. In this article, some of the most important benefits of online learning are mentioned which shows how online learning is revolutionizing the traditional learning systems.

  • Availability and Cost
    Online learning has made information easily available and at lower costs. Any individual can access any information at any time and from anywhere from the internet. Even online courses are cheaper than traditional courses as the cost of physical space is no longer needed. Students can even download their course materials for free. For example, a CBSE class 7 student can easily download NCERT Solutions For Class 7 Maths and clear their doubts in an instance.
  • Engagement
    Through online learning, students can learn different concepts from the video lessons. Students can also learn from simulations and educational games. Most of the online learning platforms use 3D animations and graphics to increase the engagement of the students. Most of them also integrate online games and simulations to help them understand the concepts better. This way students can easily visualize what they learn and retain the concepts for longer.
  • Personalized Learning and Progress Analysis
    Adaptive technology has made personalized learning possible. Many online courses use big data analytics to understand the learning pattern of the students and provide personalized content. Apart from personalized content, students are also provided with a detailed progress report which can help them to track their progress easily.
  • Numerous Learning Opportunities
    With the advent of the internet and online learning, the learning opportunities of the students have increased tremendously. Now, any individual from any corner of the world can learn what they wish easily and often without any cost. Students also have the liberty to choose any course to advance their skills. Apart from that, individuals can access global content with just a few clicks.
  • Online Tests
    One of the major advantages of online learning is that they help the students to get acquainted with the online test-taking environment. This is extremely helpful for the applicants of competitive exams as most of the exams are online. Apart from getting acquainted with the online test-taking environment, students can also strategize their personal test-taking strategies.

These were a few advantages that online learning has on the education sector. With the help of the internet, students can easily clear their doubts at an instance. This is extremely helpful for the school students as they can clear any doubt without having to wait for the teacher. CBSE or ICSE students of any class can clear their textbook doubts easily as the Solutions are easily available. NCERT Solutions For Class 8 Maths or science or for any class is easily available online now.

In the near future, online learning will be an integral part of the education system and will surely revolutionize the education process by making learning more effective, engaging and user-friendly.

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