Calculate Net GST Payable after Input Tax Credit adjustment.
Total GST collected from customers
Total GST paid to vendors
Unused credit from previous month
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Understanding your numbers is crucial for financial health. Accuracy saves money and helps in better planning.
Calculate desired annual income, add 30-40% for business expenses, taxes, and benefits, then divide by billable hours (typically 1,200-1,500 hours/year). Add a buffer for unpaid work, sick days, and vacations.
Break-even is when total revenue equals total costs (fixed + variable). It's calculated as: Fixed Costs / (Selling Price per Unit - Variable Cost per Unit). Beyond this point, each sale generates profit.
Gross profit margin = (Revenue - Cost of Goods Sold) / Revenue × 100. Net profit margin = (Net Profit / Revenue) × 100. A healthy margin varies by industry: retail (2-5%), software (15-25%), services (10-20%).
GST rates are 5%, 12%, 18%, or 28% depending on goods/services. Most services are 18%. Essentials like food items are 5-12%. Luxury items and sin goods are 28%. Check HSN code for specific rates.