What does Goods and Services Tax mean?
Definitions for Goods and Services Tax
goods and ser·vices tax
This dictionary definitions page includes all the possible meanings, example usage and translations of the word Goods and Services Tax.
Wiktionary
goods and services taxnoun
A tax very similar to the value added tax, levied, for example, in Australia, Canada, New Zealand, and Singapore.
Wikidata
Goods and Services Tax
The Goods and Services Tax is a multi-level value added tax introduced in Canada on January 1, 1991, by then Prime Minister Brian Mulroney and his finance minister Michael Wilson. The GST replaced a hidden 13.5% Manufacturers' Sales Tax; Mulroney claimed the GST was implemented because the MST was hindering the manufacturing sector's ability to export competitively. The introduction of the GST was very controversial. The GST rate is 5%, effective January 1, 2008. The Goods and Services Tax is defined in law at Part IX of the Excise Tax Act. GST is levied on supplies of goods or services purchased in Canada and includes most products, except certain politically sensitive essentials such as groceries, residential rent, and medical services, and services such as financial services. Businesses that purchase goods and services that are consumed, used or supplied in the course of their "commercial activities" can claim "input tax credits" subject to prescribed documentation requirements. This avoids "cascading". In this way, the tax is essentially borne by the final consumer. Unfortunately, this system is not completely effective, as shown by criminals who defrauded the system by claiming GST input credits for non-existent sales by a fictional company. Exported goods are exempt, while individuals with low incomes can receive a GST rebate calculated in conjunction with their income tax.
Numerology
Chaldean Numerology
The numerical value of Goods and Services Tax in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of Goods and Services Tax in Pythagorean Numerology is: 8
Translations for Goods and Services Tax
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"Goods and Services Tax." Definitions.net. STANDS4 LLC, 2024. Web. 18 Apr. 2024. <https://www.definitions.net/definition/Goods+and+Services+Tax>.
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