Question

GST stands for goods and sales tax (Do you agree or disagree)​

Answer 1

GST

GST stands for goods and services tax.

KEY TAKEAWAYS OF GST:

* The GST is a value-added tax applied on most products and services sold for domestic consumption. Consumers pay the GST, but companies selling the products and services must remit it to the government.

* The goods and services tax (GST) is a federal indirect sales tax that is levied on the purchase price of certain products and services. The GST is added to the product's price by the business, and the buyer pays the sales price, which includes the GST.

* The GST share is collected and remitted to the government by the company or seller. In certain countries, it is also known as Value-Added Tax (VAT).