Do I need to collect or pay gst for reward based crowdfunding?

This discussion explores whether GST and income tax are payable on funds raised through reward-based crowdfunding for a business idea. While some argue GST isn't applicable as there's no direct sale or service for consideration, others suggest the rewards offered constitute a supply, making GST payable. It's generally agreed that the crowdfunded amount is subject to income tax, with its classification as capital or revenue receipt depending on the project's objective. The consensus is that it's a complex area, and seeking professional advice for a definitive policy is recommended.