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Answer Posted / pooja
GOODS AND SERVICE TAX
What is goods and services tax (GST)
GST is a broad-based consumption tax levied on the import
of goods, as well as nearly all supplies of goods and
services in ABROAD. The only exemptions are for the sales
and leases of residential properties and most financial
services. Export of goods and international services are
zero-rated. In some countries, GST is known as the Value
Added Tax (VAT).
How does GST work
GST is a self-assessed tax. Businesses must come forward
to register for GST when their turnover exceeds $1mil per
year. After registration, businesses must charge and
account for GST at the prevailing rate. This is known as
output tax. GST registered businesses can also claim the
GST incurred on their goods and services purchased assuming
certain conditions are met. This is known as input tax.
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