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Questions and Answers
What does GST stand for?
What does GST stand for?
- Global Service Tax
- Government Sales Transfer
- General Sales Tax
- Good and Services Tax (correct)
Who is responsible for paying the GST tax?
Who is responsible for paying the GST tax?
- Government agencies
- Both businesses and individuals (correct)
- Only individuals
- Only businesses
What is the purpose of implementing the GST tax?
What is the purpose of implementing the GST tax?
- To reduce the tax burden on businesses
- To simplify the tax system (correct)
- To discourage domestic consumption
- To increase the overall tax rate
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Study Notes
GST Overview
- GST stands for Goods and Services Tax
- The consumer is ultimately responsible for paying the GST tax, as it is included in the final price of goods and services
- The purpose of implementing the GST tax is to consolidate various indirect taxes into a single tax, making the taxation system more streamlined and efficient
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