Goods and Services Tax (GST) is a term used in India, Australia, and Jersey to describe value-added tax (VAT) applied to most goods and services. The standard rate of GST is 20%. However, certain goods are exempt from GST.
Businesses must charge GST on all goods and services unless they are exempt. Businesses are responsible for collecting this tax and forwarding the funds to the government.
GST as a term also applies to imports. The rate depends on the type of imported goods, and certain goods are exempt from this tax.