Goods and Services Tax (GST) is an indirect tax that was implemented in India in 2017, replacing all other indirect taxes. It is a consumption-based tax that is levied at each stage of supply, from manufacturer to consumer. Under GST, the person who supplies goods or services is liable to pay GST, and there are three types of GST in India: CGST, SGST, and IGST. The rate of GST depends on the type of goods or services supplied, and GST has a significant impact on businesses operating in India.

It has simplified the tax structure by replacing multiple taxes with a single tax, reduced the overall tax burden on businesses, and eliminated the cascading effect of taxes. The GST Interest Calculator is a tool used to calculate the interest payable on outstanding tax amounts under GST when tax payment is delayed. Using it, taxpayers can avoid penalties by paying the interest on outstanding tax amounts. Therefore, it is essential to have a comprehensive understanding of the basic principles of GST and the GST Interest Calculator tool.