GST
Prime meridian time
GST stands for goods and services tax, a consumption tax levied at each stage of production and distribution.
Unlike sales taxes applied only at final sale, GST is collected throughout the supply chain, with businesses claiming credits for tax paid on inputs.
Canada, Australia, India, and other countries use GST systems, though rates and structures vary: The price includes GST.
Compulsory government charge
- tariffTax on traded goods
- value-addedIncreased worth through enhancement
- multi-stageOccurring in successive phases
- integratedCombined into a whole
central · state · threshold · registration · exemption · slab · rate · cess
Itemized billing statement
- supplyFurnish or stock
- servicesActs performed for others
- transactionExchange of goods/money
- sellerOne who trades goods
buyer · trade · marketplace · retail · wholesale · e-commerce · export · import
Formal recording of participation
- filingStoring documents systematically
- auditFormal accounts examination
- enforcementCompelling compliance with rules
- penaltiesPunishments for infractions
rules · guidelines · standards · oversight · inspections · monitoring · reporting · adherence
Gathered set of items
- receiptsTransaction documentation
- incomeRegular monetary receipts
- turnoverSales volume or attrition
- earningsMoney gained from work
fiscal · budget · compensation · cess · apportionment · shortfall · buoyancy · forecast
Advisory deliberative group
- networkInterconnected system
- portalImposing entrance or gate
- commissionerAppointed agency leader
- authorityPower to enforce obedience
jurisdiction · officer · department · secretariat · chairman · implementation · notification · circular
levy
Compulsory government charge
- tariffTax on traded goods
- value-addedIncreased worth through enhancement
- multi-stageOccurring in successive phases
integrated · central · state · threshold · registration · exemption · slab · rate · cess · refund
invoice
Itemized billing statement
- supplyFurnish or stock
- servicesActs performed for others
- transactionExchange of goods/money
seller · buyer · trade · marketplace · retail · wholesale · e-commerce · export · import · inter-state
registration
Formal recording of participation
- filingStoring documents systematically
- auditFormal accounts examination
- enforcementCompelling compliance with rules
penalties · rules · guidelines · standards · oversight · inspections · monitoring · reporting · adherence · procedures
collection
Gathered set of items
earnings · fiscal · budget · compensation · cess · apportionment · shortfall · buoyancy · forecast · devolution
council
Advisory deliberative group
- networkInterconnected system
- portalImposing entrance or gate
- commissionerAppointed agency leader
authority · jurisdiction · officer · department · secretariat · chairman · implementation · notification · circular · ruling
- taxessales tax, income tax, estate tax, excise tax, corporate tax
- business taxestax returns, tax filing, tax deductions, deductions, taxable income
- Canadian FinanceRBC, Bank of Canada, Scotiabank, BMO, loonie
- government chargesincome taxes, sales taxes, property taxes, customs duties, excise taxes
- Indian Economyrupee, mutual funds, IPO, fixed deposit, UPI
- sales taxessales tax, retail tax, consumption tax, VAT, value added tax
GSTincome tax
Government charge on earnings
direct tax · property tax · wealth tax · capital gains tax · estate tax
Freedom from governmental levies
tax-free status · duty-free · tax holiday · zero-rated · subsidy
Seasonal clock advancement practice
UTC · standard time · DST · solar time · local time