GST is the acronym for Goods and Services Tax. This tax is an 'indirect tax' applied at a given percentile included in retail price to most consumer goods or charged separately on a purchase. Goods may be taxed or exempt, depending on taxation policy, for example, fresh food may not be taxed, but canned food might. The tax is then used as part of general revenue by the government. In most countries where GST has been introduced it has replaced a large number of sales and other taxes. It's generally considered to be a more modern, much more efficient and fairer form of taxation.
Examples of GST:
|Australian Goods and Services Tax|
European Union Value Added Tax