Goods And Services Tax (Australia)
The GST (Goods and Services Tax) is a broad sales tax of 10% on most goods and services transactions in Australia. It is a value added tax, not a sales tax, in that it is refunded to all parties in the chain of production other than the final consumer.
It was introduced by the Howard Government on 1 July 2000, replacing the previous Federal wholesale sales tax system and designed to phase out a number of various State and Territory Government taxes, duties and levies such as banking taxes and stamp duty.
Read more about Goods And Services Tax (Australia): Political Impact, Economic and Social Effects, Tourist Refund Scheme, Legal Framework, GST Statistics
Famous quotes containing the words goods, services and/or tax:
“By right or wrong,
Lands and goods go to the strong.
Property will brutely draw
Still to the proprietor;
Silver to silver creep and wind,
And kind to kind.”
—Ralph Waldo Emerson (1803–1882)
“I see this evident, that we willingly accord to piety only the services that flatter our passions.”
—Michel de Montaigne (1533–1592)
“But the tax collector, standing far off, would not even look up to heaven, but was beating his breast and saying, ‘God, be merciful to me, a sinner!’”
—Bible: New Testament, Luke 18:13.