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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST). Introduced at an original rate of 7%, the GST rate has been lowered twice and currently sits at rate of 5%, since January 1, 2008. The GST raised 11.7% of total federal government revenue in 2017–2018. [2]
Some goods and services (notably salaries, wages, fresh food, and real estate) are exempt from GST. Other goods and services (rental income and financial services) are "input-taxed", which means that GST is not charged on the sale, but GST paid by that part of the business is not eligible to be claimed as an input tax credit. [13]
Goods and Services Tax (GST; Māori: Tāke hokohoko) is a value-added tax or consumption tax for goods and services consumed in New Zealand. GST in New Zealand is designed to be a broad-based system with few exemptions, such as for rents collected on residential rental properties, donations, precious metals and financial services. [75]
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The GST replaced existing multiple taxes levied by the central and state governments. Also, to boost GST billing in India, the Government of India, in association with state governments, has launched an "Invoice Incentive Scheme" (Mera Bill Mera Adhikaar). This will encourage the culture of customers asking for invoices and bills for all purchases.
Some people believed that the HST would generate significantly more revenue, because while the PST revenue was estimated at $5.083 billion for 2009/2010, several sources concurred and estimated a 5% GST revenue for British Columbia of about $5 billion (or a tax base at about $100 billion after the current GST exemption concerning the public ...
GST may refer to: Taxes. General sales tax; Goods and Services Tax, the name for the value-added tax in several jurisdictions: Goods and services tax (Australia)