GST
Understand the Problem
The question refers to GST, which typically stands for Goods and Services Tax, a finance-related term. It is seeking information about this tax system.
Answer
Goods and Services Tax (GST) is a value-added tax on goods and services sold for domestic use.
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
Answer for screen readers
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
More Information
GST is a comprehensive, multi-stage tax charged on every value addition, designed to streamline and consolidate different indirect taxes.
Tips
A common mistake is confusing GST with similar terms like sales tax or value-added tax.
Sources
- Goods and Services Tax (GST): Definition, Types, and How It's ... - investopedia.com
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