What is GST?
Goods and Services Tax (GST) is a value-added tax applied to the purchase price of certain goods or services.
GST applies to most products or services a business sells for domestic consumption. There are more than 160 countries that have, to date, implemented GST in some form or another since 1954. GST is also referred to as Value-Added Tax (VAT) in some countries.
In Australia, GST is prevalent for both small businesses and larger corporations that have an income of more than $75,000 per annum as registered with the Australian Taxation Office at the end of the financial year. The GST calculation in Australia is simple as the Australia GST rate is a set of 10%.