Goods and Services Tax (GST)
A consumption tax, functionally similar to VAT, used by name in several countries -- generally distinct from the capital gains tax that applies to crypto investment activity.
Goods and Services Tax (GST) is a consumption tax, functionally similar to VAT, used under this specific name in several countries (including Australia, Canada, India, New Zealand, and Singapore), applied to the sale of goods and services.
As with VAT, several GST jurisdictions have specifically clarified that buying, selling, or exchanging cryptocurrency as an investment is generally not itself subject to GST, with capital-gains or income-tax rules applying instead — check the relevant country-specific guide in Kaavon's crypto tax section for the actual treatment in a given jurisdiction.
Examples
- GST and VAT are functionally similar consumption taxes, differing mainly in which countries use which name for the concept.
- Several GST jurisdictions have specifically exempted crypto investment transactions from GST, applying capital-gains or income-tax rules to those transactions instead.