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The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
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The GST return received by WA was relatively steady from 2000 to the mid-2000s, taking its first plunge as the iron ore and gas boom began and resource tax revenue rose dramatically. To account for the rise in resource royalties revenue, the CGC began to reduce WA's GST share and increase the share of other states and territories.
The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST). Introduced at an original rate of 7%, the GST rate has been lowered twice and currently sits at rate of 5%, since January 1, 2008. The GST raised 11.7% of total federal government revenue in 2017–2018. [2]
The May Day Anti-GST Rally (Theme: "GST: Protest Till It's Dropped") was a rally held in Kuala Lumpur, Malaysia on May 1, 2014. The rally was organised by a coalition of 89 non-governmental organisations, including Oppressed People's Network, Parti Sosialis Malaysia, Solidariti Anak Muda Malaysia, and Asalkan Bukan UMNO among others, and was supported by the opposition Pakatan Rakyat. [1]
In summary, the GST rate of 10% is charged on most goods and services consumed in Australia. A business which is registered for GST would include the GST in the sale prices it charges. However, a business can claim a credit for the GST paid on business expenses and other inputs (called a GST credit).
GST/HST audits are done by TSOs. The Refund Integrity program deals only with a credit return, that is, a GST/HST return that requests a refund. The prepayment examination is a restricted audit of input tax credits (ITCs). Post audit is a full audit of GST/HST returns and that covers not only ITC but also GST/HST collected. [citation needed]
When GST is combined with progressive taxes, and the revenues distributed to the poor, the total fiscal structure can be progressive. [25] The preceding months before the GST became active saw a spike in consumption as consumers rushed to purchase goods that they perceived would be substantially more expensive with the GST.