What does goods and services tax mean?

Definitions for goods and services tax
goods and ser·vices tax

Here are all the possible meanings and translations of the word goods and services tax.

Wiktionary

  1. goods and services taxnoun

    A tax very similar to the value added tax, levied, for example, in Australia, Canada, New Zealand, and Singapore.

Freebase

  1. 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.

How to pronounce goods and services tax?

How to say goods and services tax in sign language?

Numerology

  1. Chaldean Numerology

    The numerical value of goods and services tax in Chaldean Numerology is: 9

  2. Pythagorean Numerology

    The numerical value of goods and services tax in Pythagorean Numerology is: 8

Examples of goods and services tax in a Sentence

  1. Hardik Shah:

    A possible solution is to waive the goods and services tax (GST) compensation cess..on coal.

Images & Illustrations of goods and services tax

  1. goods and services taxgoods and services taxgoods and services taxgoods and services taxgoods and services tax


Translations for goods and services tax

From our Multilingual Translation Dictionary

  • taxe sur les produits et servicesFrench
  • वस्तु एवं सेवा करHindi
  • áruk és szolgáltatások adóHungarian
  • servicia et bona tributumLatin
  • சரக்குகள் மற்றும் சேவைகள் வரிTamil
  • వస్తువులు మరియు సేవలు పన్నుTelugu

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