Goods and Service Tax – GST – By: – Nagesh Bajaj – Dated:- 25-9-2011 Last Replied Date:- 30-12-1899 – In the European Union, the consumption tax is called Value Added Tax or VAT. In some countries like New Zealand and Canada called their consumption tax as a goods and service tax (GST). In Australia, GST provisions are set out in a piece of Legislation called the A New Tax System (Goods and Service Tax ) Act 1999 and the GST was implemented on 11th July, 2000. In Australia, GST is a part of the broader tax reform which replaces some indirect taxes. Australia s GST is equivalent to consumption taxes as prevailed in other parts of the world. In Australia, administration of the GST is handled by the Australian Taxation Office known as A.T.O.
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aws. Transactions under GST are also called Supplies. Supplies are classified into three categories :- 1. Taxable 2. Input – taxed 3. GST free A GST rate of 10% will be charged on most goods and services consumed in Australia. If registered , there are two types of sales which are treated differently:- Suppliers of GST free goods and services are not have to pay GST, when they make a sale but they will be entitled to GST credits. Suppliers of input taxed goods and services do not have to charge GST on sales but they are not be entitled to claim GST credits from their purchases of inputs. GST is not payable on input taxed supplies where financial supplies, residential rent, residential premises and supplies of food made by school tuckshops
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m Australia may include a payment of GST. Import Duty/ GST will be charged on following terms :- If the goods (1) have a value over AUD $ 1000 or (2) contain alcohol or tobacco of any quantity or value. On the contrary, if goods are valued under AUD $1000 and do not contain alcohol or tobacco then not required to pay any Custom Import Duty/ GST or associated Custom charges. All imported goods are assigned a tariff classification obtained from the Australian Customs Tariff which determines the rate of duty will pay for the product. To conclude the above, Australian goods and services tax revenue will be about A $ 13 billion ($ 12 billion ) more than estimated, Treasurer Wayne Swan said, increasing the funds available to states and to fund th
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