How to Calculate Total Price Including GST: A Simple Guide
Learn the formula for calculating total price with GST in this quick tutorial. Ensure accurate pricing every time!
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To calculate the total price from GST, use this formula: Total Price = Base Price + (Base Price GST Rate). For example, if the base price is $100 and the GST rate is 10%, the total price would be $100 + ($100 0.10) = $110. Always ensure the GST rate is in decimal form before using this formula to get accurate results.
FAQs & Answers
- What is GST? GST stands for Goods and Services Tax, a value-added tax imposed on most goods and services in many countries.
- How do I convert a percentage to a decimal for GST calculations? To convert a percentage to a decimal, divide the percentage by 100. For example, 10% becomes 0.10.
- Can I calculate GST on services? Yes, GST applies to both goods and services, depending on jurisdiction and local regulations.