You pay GST on the taxable sales you make when you lodge your activity statement. You can claim credits for the GST included in the price of purchases you needed to make your taxable sales. To be a taxable sale (that is, a sale that has GST in the price), it must be for payment of some kind, made in the course of operating your business and connected with Australia.
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Guys i didn't trade much after the GST was in place.I have recently started to trade again intermittently, and in my contact notes i can see this 'Taxable value of supply' and seems it is even more than STT!!Does anyone have any clue about this and seems this is in addition to GST and Exchange transaction tax.I am trading in Sharekhan, earlier when i was in Zerodha pre-GST, never saw this.Do you see it in other brokers as well? (Understand tax is broker agnostic, but never saw it earlier in my Zerodha contract notes pre-July).
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