Deals in goods and services

The consumer is regarded as the king, and so all the activities of the business are aligned towards the satisfaction of consumers. This can be done by making available quality-riched goods easily available to them, at reasonable prices.

From the past few years, the entire concept of business has undergone a drastic change, i. Your email address will not be published. Business Jargons A Business Encyclopedia.

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Accounting Banking Business Business Statistics. The only distinction between the two terms is the country in which they are used. The GST rate might differ depending on the country, or might be affected by the particular industry or the goods or services being sold, for example, India currently has five different GST rates.

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The standard GST rates for the countries mentioned above are as follows:. In many countries, GST registration is not required unless your turnover exceeds a set amount within a year.

The Difference Between Goods & Services

There are also other stipulations that require GST registration, such as:. If your business does not fall into one of these categories, then in Australia, it is optional whether you choose to register your business under GST.

What’s the big deal about Goods and Services Tax?

The choice of whether to register for GST depends on how much in your business you deal with GST charges and whether you wish to be able to claim this back when it comes time for tax filing. The above is a short list of some of the products and services that can be considered GST-free. If you have any doubts about whether your business is dealing with GST-free products or services, please get in touch with your accounting professional.