Definition of GST supplies
Input taxed supplies
Input tased supplies
Acquisitions
Input tax credits in accounting
1. Definition of GST supplies: GST supplies refer to the goods and services that are subject to the Goods and Services Tax (GST) in a particular jurisdiction. It includes both tangible goods and intangible services that are sold or provided for a consideration. GST supplies are liable for the payment of GST by the supplier, which is then collected from the end consumer.
2. Input taxed supplies: Input taxed supplies are goods and services that are exempted from GST or subject to a special GST treatment. These supplies do not attract GST and the supplier is not entitled to claim any input tax credits for the GST paid on the inputs used to produce these supplies. Examples of input taxed supplies include financial services, residential rent, and some health and education services.
3. Input tax credits in accounting: Input tax credits are a mechanism that allows businesses to claim a credit for the GST they have paid on purchases and expenses related to their business activities. In accounting, input tax credits are recorded to reduce the GST liability of a business and are claimed as an offset against the GST collected on sales. This ensures that businesses are only liable to pay GST on the value they add to the supply chain, rather than paying GST on every stage of production.
4. Acquisitions: Acquisitions refer to the purchases made by a business for the purpose of its operations. In the context of GST, acquisitions are the goods and services purchased by a business to be used in its business activities. Acquisitions may include raw materials, equipment, supplies, or services that are necessary for the production, sale, or provision of goods and services by the business.
5. Input taxed supplies: I'm sorry, but it seems like there might be a typographical error in your question. Could you please clarify what you mean by "input tased supplies"? It might be a misspelling or a term that is not commonly used in relation to GST.