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Goods and services tax (GST) Assignment
Finance & Accounting
Pages 12 (3012 words)
Taxation Student’s Name Subject Professor University/Institution Location Date Introduction Goods and services tax (GST) came into force as an open based indirect tax on 1st of July 2000. This open based indirect tax is set at a rate of 10%. This rate can only be changed if every state and territory in Australia agrees, and both Assembly of each Federal Parliament accepts the amendment.
Also, these charges are applied generally to all taxpayers with a few limitations. Taxation under GST is applied on the goods and services that are used by consumers, meaning that, this system is a consumption taxation system. A step process is used in collection of taxes under GST, to make sure that tax is levied at every stage of production chain, and also to allow suppliers of goods and services who are registered to claim credit on tax paid to their inputs. Although tax is charged at every stage, tax is paid finally by the consumer at the end spot. For a firm to be able to take credit on GST, they must be registered1. Thus, if they do not apply to be registered under GST, they are treated as the end consumers and can only enjoy the GST credit they incur. GST is classified into three types of supplies namely; taxable supplies, input tax supplies and GST free supplies. GST liability is created out of supply, but it is not created by the GST registered entity. ...
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