what is GST ?

what is GST ?
(For accounting)
GST = Goods and Services Tax

The GST was introduced by the Federal Government in July 2000 as part of a general taxation reform. This tax has now become part of our everyday life, and the 10 per cent surcharge is applied to most products and services. (Fresh food is one of the few exceptions to this rule.) Business es are required to register with the Taxation Office through the use of an Australian Business Numer (ABN). This number is then used as a reference point in tracking GST transactions and it shoud appear on all business documents. Since the introduction of the GST, the Taxation Office has always been helpful in providing advice to small business owners in relation to the creation of business documents. This advice is provided to ensure hat all requirements of the GST legislation are met. The GST legislation has also necessitated the creation of a document known as a tax invoice. A tax invoice is issued to a customer when goods or services are provided. It should contain several key pieces of information, including:
- the name of the business provideing the goods or services
- the Australian Business Number (ABN) of this business
- the words "Tax Invoice", shown prominently near the top of the document
- a pre-printed document number(to be used as a reference number)
- the date of the transaction, on the top right handside.
- a description of the goods or services provided
- the purchaser's name, together with their address or ABN, if the transaction was for $1000 or more
- the GST-exclusive price, the GST amount and the GST-inclusive price for each item, together with totals for these, presented vertically on the right-hand side at the bottom of the tax invoice.

GST stands for Goods and Services Tax.

稅 - 係外國如 ： 加拿大同美國都要比架

有d如溫哥華同多倫多咁，重要比多個Provincial Sales Taxes - PST 即係 省稅架

GST means Goods and Services Tex which is a Value-added tax that exists in a number of countries.





Goods and Services Tax (Australia)

The GST (Goods and Services Tax) is a value added tax of 10% on most goods and services sold in Australia.

It was introduced by the Howard Government on 1 July 2000, replacing the previous federal wholesale sales tax system and designed to phase out the various state and territory taxes such as banking taxes, stamp duty and land value tax.





Goods and Services Tax (Canada)

The Canadian Goods and Services Tax (GST) is a multi-level value-added tax introduced in Canada on January 1, 1991, by Prime Minister Brian Mulroney and finance minister Michael Wilson. The introduction of the GST was very controversial.





Goods and Services Tax (Hong Kong)

Goods and Services Tax (GST) was a proposed Value Added Tax in Hong Kong. Consultation over a period of nine months was launched on 2006-07-19 and stirred considerable controversy.

It launched a fierce debate amongst local taxpayers, lawmakers, journalists, politicians, who hotly debated the need for the tax, and the shape any taxes should take. The plan to levy GST was dropped on 2006-12-05.





Goods and Services Tax (New Zealand)

Goods and Services Tax (GST) is a Value Added Tax introduced in New Zealand on October 1, 1986 at 10%, but later increased to 12.5% on June 30, 1989.

End users pay this tax on all liable goods and services directly, in that it is included in the purchase price of goods and services.

GST registered organisations only pay GST on the difference between GST-liable sales and GST-liable supplies (ie pay GST on the difference between what they sell and what they buy: income less expenditure). This is accomplished by reconciling GST received (through sales) and GST paid (through purchases) at regular periods (typically every 2 months, with some qualifying companies opting for 1 month or 6 month periods), then either paying the difference to Inland Revenue Department (IRD) if the GST collected on sales is higher, or receiving a refund from IRD if the GST paid on purchases is higher.

Unlike most similar taxation regimes, there are few exemptions - all types of food are taxed at the same rate, for example. Exceptions that are present include rents collected on residential rental properties, donations and financial services.

Businesses exporting goods and services from New Zealand are entitled to "zero-rate" their products - effectively, they charge GST at zero percent. This permits the business to claim back the input GST but the eventual, non-New Zealand based consumer does not pay the tax (businesses that produce GST-exempt supplies are not able to claim back input GST.)

Because businesses claim back their input GST, the GST inclusive price is usually irrelevant for business purchasing decisions, other than in relation to cash flow issues. Consequently, wholesalers often state prices exclusive of GST, but must collect the full, GST-inclusive price when they make the sale and account to the IRD for the GST so collected.

The headline price must always be GST-inclusive in advertising and stores. The only exceptions are for businesses which claim a mainly wholesale client-base. Otherwise, displaying a prominent GST-exclusive price (i.e. larger and more obvious than the GST-inclusive price), is illegal.





Goods and Services Tax (Singapore)

Goods and Services Tax was introduced in Singapore on April 1, 1994 at 3%, but later increased to 4% on 1 January 2003 and 5% on 1 January 2004. It is raised again to 7% on 1 July 2007.

Singapore's GST is a broad-based consumption tax levied on import of goods, as well as nearly all supplies of goods and services. 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.

Goods and Services Tax