ap_gst20

GST is paid on Taxable Supplies

What is the GST and how does it apply?

GST is levied at the rate of 10% on taxable supplies (in other words, goods and services sold by an enterprise)

GST is levied on taxable supplies but NOT

GST-free supplies

Input taxed supplies

There are three types of GST supplies, namely:

1. taxable supplies - 10% of taxable supplies but credit allowed for gst paid on inputs

2. GST-free supplies - NO GST but you can claim input tax credits for any GST included in the price of things acquired for use in the enterprise eg

	basic foods (unprepared),
	some education and childcare services,
	some health services and some medical supplies,
	exports, and
	water and sewerage services

3. Input taxed supplies - NO GST - NO CREDIT

eg Financial supplies and residential rents