What is GST? Why some countries do not have tax on consumers?
Tue Jul 12, 2011 1:30 am
oldguy Senior Member
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GST - Goods and Service Tax. It is a national sales tax, Canada, France, Australia, use it to supplement their national income tax revenue. Another version is the VAT - Value Added Tax - the UK uses that nomenclature.
Tue Jul 12, 2011 2:13 am
coaster Senior Advisor
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Re: What is GST?
quote:Originally posted by NZFinance What is GST? Why some countries do not have tax on consumers?
Wha!?!?
Man, have you ever been brainwashed, in my not-so-humble opinion!!
The question you should be asking is "why do some countries tax their consumption?"
An even better question is "why do some countries tax both income AND consumption?"
Can't they figure out if you squeeze the poor income earner from both ends, on what he earns and on what he spends, it's awful damn hard to get an economy going? It's people earning and spending that make an economy sing. You take a bite out of both ends, and not to mention the middle through all the HIDDEN taxes, and that poor earner/consumer ain't gonna sing ..... lest it's the fat lady singing about the death of their economy. And guess what .... tax revenues are directly correlated to GDP. And I do mean directly. Not to tax rates* You want to raise tax revenues, you grow the GDP.
* Based on a study I did for The Bill Sebastian Show, analyzing tax revenues versus marginal tax rates
Tue Jul 12, 2011 7:24 am
marshal france Full Member
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Re: What is GST?
quote:Originally posted by NZFinance What is GST? Why some countries do not have tax on consumers?
The GST is an indirect tax that would replace existing levies such as excise duty, service tax and value-added tax (VAT).Exports will not attract GST.
Producers will receive credits for tax paid earlier, which will eliminate multiple taxation on the same product or service.
Direct taxes, such as income tax, corporate tax and capital gains tax will not be affected.
Mon Aug 01, 2011 11:55 am
Sanderson Contributing Member
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Is GST Tax and Income Tax both are different?
Thu Nov 03, 2011 11:23 am
Abe New Member
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GST general sales tax. It is impose on sale and impose by government.
This is necessary tax and thanks for share nice topic.
Fri Nov 11, 2011 3:09 pm
Sanderson Contributing Member
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Goods and services tax is a tax on most goods and services in New Zealand, most imported goods, and certain imported services. GST is added to the price of taxable goods and services at a rate of 15% as well as services covers everything other than goods or money.
Mon Dec 26, 2011 7:30 am
antoniabbot New Poster
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hi
What is the basic amount the GST is charged to in Canada?
In Nova Scotia, this summer, I paid a GST charge of 1 cent on a 4 cent stamp I purchased at Canada Post. Based on this, the GST in Canada is not 14% but rather 20%! One cent is only one cent. However, it is the principle that is important. I would like to know officially, at what amount is the GST levied. Thank you and I look forward to reading your answer.
Thu Jan 12, 2012 9:56 am
Bradford Member
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GST is a general sales tax. A general sales tax is the culmination of both state and local sales taxes. This rate varies from state to state and even town to town.
