Hello Kingpin! I recently launched a store dealing in women's accessories. You've stated that your main markets for dropshipping are the U.S. and Australia. Do you promote accessories such as bags, purses, jewelry, sunglasses, cosmetics etc. as well to your Australian market? When I check my facebook general audience insight and specify their interests as accessories niche, I see Australia ranking low while USA, Brazil, India, Indonesia, Mexico, Thailand and Vietnam rank much higher. Was there any specific reason you chose Australia?
GST is only applicable when you're dropshipping or doing any business inside india that goes above 20 lac rupees INR in common. But if you're doing cross state shipping or transaction you're still need GST registration for tax invoices.
When you're importing products from china and selling it to US or any country except india still you'll need to produce GST invoice @0% just to keep a healthy reporting for future.
When you're starting you don't need to worry about it. Just focus on getting sales and once you start getting good consistent business register a sole proprietorship firm on your name if you're a sole individual doing this business.
If your yearly turnover is below 20 lac rupees you dont need to worry about GST however obtaining gst id is a good thing to receive input tax credits from PayPal and facebook also.
You should always consult your chartered accountant for complete financial tax related questions