GST in AUSTRALIA
By: – Nagesh Bajaj
Goods and Services Tax – GST
Dated:- 25-9-2011<\/p>\n
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.
\nIn Australia, administration of the GST is handled by the Australian Taxation Office known as A.T.O. A<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n laws. Transactions under GST are also called Supplies. Supplies are classified into three categories :- = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n exported from Australia may include a payment of GST. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST in AUSTRALIABy: – Nagesh BajajGoods and Services Tax – GSTDated:- 25-9-2011 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 … Continue reading “GST in AUSTRALIA”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-478","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=478"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/478\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n 1. Taxable 2. Input – taxed 3. GST free
\nA 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:-
\n * 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.
\n * 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.
\nGST is not payable on input taxed supplies where financial supplies, residential rent, residential premises and supplies of food made by schoo<\/p>\n
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\nImport Duty\/ GST will be charged on following terms :-
\nIf the goods (1) have a value over AUD $ 1000 or
\n(2) contain alcohol or tobacco of any quantity or value.
\nOn 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.
\nAll imported goods are assigned a tariff classification obtained from the Australian Customs Tariff which determines the rate of duty will pay for the product.
\nTo 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 s<\/p>\n
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