GST calculators are convenient tools that can be used by buyers and sellers to check their total tax payment amount. These tools can be used by following a few steps.
Firstly, individuals should access the government portal or that of their preferred financial institution and mention if they are a buyer, manufacturer, retailer or wholesaler. Secondly, the price of this concerned product must be entered.
Thirdly, the applicable rate of interest should be checked and entered accordingly. Lastly, once all these above-mentioned details are entered, the gross price, CGST, IGST and total tax are displayed on this portal.
These calculators use this following formula – GST amount = (original cost X percentage of GST)/100
On the other hand, term loan calculators use a different formula – E = [P X R X (1 + R)^N]/[(1 + R)^(N – 1)]. This includes EMI (E), principal (P), interest rate (R) and years (N).
Such calculators can also be used by following a few simple steps. Firstly, access the official portal of their financial institution.
Secondly, check their available interest rate and enter it along with loan amount and tenor. Total repayment amount, interest and EMI amounts are displayed after the same.
If these EMI amounts are high or low, potential borrowers should readjust their tenor and check their interest and EMI amounts accordingly.
After checking these details, business loan applicants will find it easier to plan their repayment more comfortably.