3A Accounting System

Thursday, February 5, 2015

What is Standard rated supply?

  • Standard-rated supplies are goods and services that are charged GST with a standard rate. 
  • GST is collected by the businesses and paid to the government. 
  • They can recover credit back on their inputs. 
  • If their input tax is bigger than their output tax, they can recover back the difference.
  • Business are practicing Automatic Deduction Mechanism, in which business are allowed to offset input tax against output tax.

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