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GST-Brief Write Up

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GST-Brief Write Up

AUSTRALIA’S GOODS AND SERVICE TAX SYSTEM-HOW IT WORKS- A BRIEF SNAP SHOT


The Goods and Service Tax came in to operation with effect from 01/07/2000.
Basically it’s an indirect tax being collected by the Federal Govt. and handed to States.
GST Brief Overview:
In order to determine whether GST applies to a particular situation or not, one should really know answer to the followings:


What;
Who;
When; and
How much?


Merely passing on the clauses and / or sections are not enough.
Categorisation of Supplies
Basically supplies have been classified into four categories:


Taxable;
Input Taxed;
GST Free; and
Supplies which are out of the scope of the GST system
What is Taxable “Supply”?

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