2.5 - Goods and Services Tax (GST)
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Practice Questions
Test your understanding with targeted questions
What is GST?
💡 Hint: Think about what the tax applies to.
What do you call the tax that businesses can recover on purchases?
💡 Hint: This is the tax paid on goods bought by businesses.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does GST stand for?
💡 Hint: Think of what the tax applies to in the commerce context.
True or False: Output GST is the tax paid on purchases.
💡 Hint: Remember the difference between Input and Output GST.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
A retailer sells a product for 1000 with a GST rate of 18%. Calculate the total price including GST and the GST amount.
💡 Hint: 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?
💡 Hint: Think of how businesses leverage Input and Output GST for their accounts.
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