Price (in GST)
The goods and services tax (GST) is a value-added tax (VAT) levied on most goods and services sold for
domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses
selling the goods and services.
Most countries with a GST have a single unified GST system, which means that a single tax rate is applied throughout the country. A country with a unified GST platform merges central taxes (e.g., sales tax, excise duty tax, and service tax) with state-level taxes (e.g., entertainment tax, entry tax, transfer tax, sin tax, and luxury tax) and collects them as one single tax. These countries tax virtually everything at a single rate.
GST exclusive implies that tax is not included in the pricing of products or services. The price includes tax; however, it is paid individually. So, in this case, the online accounting software will calculate it in addition to the rate of item or service.
This implies that the price paid for products and services includes tax as part of the total price charged to the customer. Tax is not included in the purchase and will not be delivered separately. In such cases, the best accounting software for small businesses will show the product or service’s value, including GST.