This is a comprehensive guide to 5 key principles about how the Goods and Services Tax (GST) actually works.
Have you ever wondered what the term “input taxed” means or how input tax credits actually work? How is it that we are paying the 10% tax when we consumers buy things, while it is actually the suppliers of the goods (or services) that are liable to pay the tax?
If these are questions that interest you, or if you just want a bit of a clearer idea of how the GST works generally, then you will find this guide useful. We have tried to set things out in a clear and simple way, including an extensive use of examples and diagrams to try to demystify some of the main aspects of this (now ubiquitous) revenue raiser: