ACCT2331 Chapter Notes - Chapter 7: Itz, Legal Personality
Document Summary
[7. 1] introduction (page 140: gst is a transactional tax that operates each stage of the supply chain. [7. 2] background to the introduction of gst (page 140) Input tax credits are available for gst charged on certain acquisitions and importations made by registered entities. Charging gst: gst is charged on, taxable supplies, taxable importations, gst is not charged on: Input taxed supplies: gst-free supplies, non-taxable importations, the rate of gst is 10% of the "value" of the taxable supplies or taxable importations. Input tax credits: registered entities are entitled to input tax credits for gst charged on, creditable acquisitions, creditable importations. Input taxed supplies: gst is not payable on input taxed supplies. Input taxed supplies include (div 40): financial supplies, leases of residential premises, sales of certain residential premises. Taxable importations: entities, whether or not registered, must pay gst on "taxable importations, taxable importations arise when, goods are imported, and, entered for home consumption.
