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4 cards from this section. Quick, good the night before a test.
What is GST?
Think about what the tax applies to.
What do you call the tax that businesses can recover on purchases?
This is the tax paid on goods bought by businesses.
What does GST stand for?
Think of what the tax applies to in the commerce context.
True or False: Output GST is the tax paid on purchases.
Remember the difference between Input and Output GST.
A retailer sells a product for 1000 with a GST rate of 18%. Calculate the total price including GST and the GST amount.
Remember the formula for calculating GST.
If a company has 400 in Input GST and charges 800 in Output GST, how much GST will they remit to the government and what could that imply for their financial health?
Think of how businesses leverage Input and Output GST for their accounts.
6 more questions in this section. Enroll free to practise them all.
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