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”?