财务会计入门英版 PPT 5.pptVIP

LO 7: Overview of the GST Process GST is a domestic consumption, value-added tax. In general, most businesses Collect GST from customers when they sell their products; this amount is due the government--a current liability. Pay GST to suppliers for most assets and expenses; this amount may be claimed back from the government--a current receivable. In effect, the tax is levied on the value added by a business at each stage of the production and distribution chain. Because the final consumer cannot claim GST back from the government, the consumer winds up with the bill. GST rates: Australia: 10