GST Changes (BTN Term 3 2015)
Behind The News – This clip was called: GST Changes (BTN Clip Released: 04/11/2014)
This BTN clip was about the GST and how it may be changed soon. It mentioned the the GST is an acronym for goods and services tax. It also mentioned that the GST is included on all products we buy besides some exceptions such as basic food items including: bread, meat, milk, fish, vegetables, etc. It also showed that the GST makes up 10% of the price of most products besides the ones I’ve stated previously, this 10% raises approximately 50 billion dollars per year.
I understand what impact any change made to the GST would have as everyone living in Australia will be effected in some way by it. I also understand that the GST here is the primary tax that people pay and because of that it’s the best source of income for the state governments.
A question I still have is: “Why do the Americans not include their GST on the price tag?”.