General Sales Tax


Also found in: Acronyms.

General Sales Tax

A sales tax applied to all goods and services sold in a jurisdiction that are not specifically exempted. For example, a general sales tax may be implemented at the local level on all goods and services except groceries in order to finance municipal government. See also: VAT.
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A 2018 analysis of the General Sales Tax on Services indicates that by improving tax compliance from today's estimated 23pc to 75pc, KP could triple its tax revenue and reduce its dependence on federal transfers, which accounted for 86pc of provincial revenue in 2016-17.
4 per cent.The government has already increased general sales tax (GST) on all petroleum products to a standard rate of 17 per cent across the board to generate additional revenues.
The break-up of tax collection Rs1894 billion showed that the FBR had collected Rs670 billion under the income tax, Rs689 billion from the general sales tax, Rs202 billion from the federal excise duty and Rs333 billion from custom duty during July to December period of the ongoing fiscal year.
Furthermore, the local agricultural production is now relieved from the general sales tax which will remain in force on imports.
At present, the government is collecting 5% general sales tax on the sale of urea to the farmers and a plan is under study to reduce the tax rate to a flat 2% for all fertiliser products, which the industry believes will further aggravate the refund situation.
The quintet committee affiliated with the parliamentary planning and budget committee asked the Ministry of Finance to further study the value-added tax (VAT) draft law, requesting that the ministry decide the tax value and submit data for the general sales tax law.
and taxes including General Sales Tax (GST)/Federal Excise Duty (FED), SIM Activation Tax, Advance/Withholding Tax (WHT), sales tax on mobile handsets, custom duties and other taxes.
Under the transportation funding deal reached by Pickett and Senate Transportation Chairman Robert Nichols, R-Jacksonville, Texans will be asked to amend the state Constitution to dedicate $2.5 billion of the general sales tax to the highway fund beginning in 2017 - as well as a portion of future motor vehicle sales taxes beginning in 2019
Otherwise they would have to pay 5% General Sales tax on oil-cake (Khal) and 2% on Binola oil.
The late payment penalty is based on the amount of the total consideration, excluding fixed in the contract, the general sales tax for transportation and installation of the system, the rate of 1.2% per day, but not more than 30%.
TABLE 1: Summary of State General Revenue Collection Strategies from In-State Sources, Average Percentages by Revenue Components, 2005 to 2010 Revenue Strategy Number of Property General Selected States Tax Sales Tax Sales Tax No Individual Income Tax 8 20.4 21.0 8.5 No General Sales Tax 4 23.9 0.0 8.6 Balanced-Higher Charges 18 16.6 16.9 7.5 Balanced-Lower Charges 21 23.2 14.7 7.9 U.S.
Its foreign and local components will be free of general sales tax, customs duty and some other federal levies as decided by Economic Coordination Committee.
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