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Goods and Services Tax (GST) - Essay Example

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This research is being carried out to evaluate and present the goods and services tax (GST) that came into force as an open based indirect tax on 1st of July 2000. Goods and services tax is a legislative act under the new tax system (Goods and Services Tax) Act of 1999…
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Goods and Services Tax (GST)
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Goods and Services Tax (GST)

Download file to see previous pages... The present research has identified that goods and services tax (GST) is said to be indirect and broad-based because it is charged depending on the supply or activities of good and services instead of being charged directly on income. Also, these charges are applied generally to all taxpayers with a few limitations. Taxation under GST is applied to the goods and services that are used by consumers, meaning that, this system is a consumption taxation system. A step process is used in the collection of taxes under GST, to make sure that tax is levied at every stage of the production chain, and also to allow suppliers of goods and services who are registered to claim the credit on tax paid to their inputs. Although the tax is charged at every stage, the tax is paid finally by the consumer at the end spot. For a firm to be able to take credit on GST, they must be registered. Thus, if they do not apply to be registered under GST, they are treated as the end consumers and can only enjoy the GST credit they incur. GST is classified into three types of supplies namely; taxable supplies, input tax supplies, and GST free supplies. GST liability is created out of supply, but it is not created by the GST registered entity. The rules of GST do not apply if the supplies of either goods or services came to force before 1st July 2000, and in accordance to set special rules, gifts, when supply is made by entities not registered, or which are not required to register and when the transactions involved are not connected to Australia. In order to register Tiles Pty Ltd under GST system, the management needs to ensure that the firm satisfies the following requirements as stipulated under chapter 2, part 2-5 division 23 of the act. The main importance of registration is due to the following: - GST is only payable on any supplies for registered entities only Credits for input tax cannot be claimed unless the entity is registered GST returns are only lodged for registered entities Under the goods and services act, an entity structure may include an individual, a sole corporate, a corporation body, a political body, a partnership, a trust and an unincorporated association or body of persons. Tiles Galore Pty Ltd is a small sized corporation, meaning that, it falls under an entity structure required to be registered. Thus, the firm can apply to be registered by ATO for GST. Registration requirements are in sec 23-5; it states that an entity is registered It is an enterprise Annual turnover meets the threshold for registration turnover The term entity is broad in definition and includes various legal persons as described here below; The trustee is that entity that should register for GST and ABN The partnerships are those entities that should register for GST but not for individual partners It thus entails that under section 23-10, an entity cannot be registered if it does not carry or intend to carry on with an enterprise. It is optional for that entity to register if it carries on an enterprise but does not meet the threshold for registration. Supplies fall under various sections namely; taxable supplies, GST free supplies, and input taxed supplies. Other kinds are importations and those that fall outside the scope of the GST. Taxable supplies are determinant factors in ruling whether a certain transaction is worth falling under GST. ...Download file to see next pagesRead More
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hprice added comment 7 months ago
Student rated this paper as
Taxes are always hard to understand. Therefore they need a bunch of explanation. No mystery, only hard work!
wizajimmy added comment 7 months ago
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Agree. I have also found this research a good one. 15 pages! How could one only stand to write that much? Envy your patience, but will struggle to do the same for my assignment.

skidog58 added comment 8 months ago
Student rated this paper as
Wow, this, finally, is an example of a recent research. Not only the volume speaks for itself, but the content is also on the high level. I wouldn’t wonder if I would find out you’ve got an A+ for that one. I’m downloading it to follow your example. Thank you a lot!
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