Goods and Services Tax is a consumption tax levied on the sale of goods and services at each stage of production and distribution. It is also referred to as Value added tax (VAT) by some countries. GST is a tax which is ultimately borne by the final consumer of the goods or services. A goods and services tax should not be confused with a General Sales Tax or a Government Sales Tax – although they have the same acronym GST!
- Why is there a need for GST worldwide?
- Which countries around the world have implemented the GST system?
- What’s the difference between VAT/GST and Sales Tax systems?
- Who bears the responsibility of paying GST?
- Who is obliged to register for GST?
- Let us take a look at a few countries’ GST models:
- GST in New Zealand
- GST in Canada
- GST in India
- GST in Singapore
- GST in Australia
- GST in Maldives
- Why should businesses be GST-compliant?
- How can Fonoa help with GST compliance?
Source: www.fonoa.com
