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.
References in periodicals archive ?
A number of demands were submitted to the Ministry of Finance, including deciding the tax value in the draft law, sending the tables of the general sales tax law from the Egyptian Tax Authority, and clarifying the difference between the tables applied to the present general sales tax law and those to the VAT draft law, member of the quintet committee Hisham Abdel Wahid said.
The general sales tax revenue dedication could be halted if sales tax revenue comes in lower than about $28 billion in a fiscal year, which is around what the state collects today, Pickett said.
The penalty is based on the total amount of defective performance against the value calculated by the contract, the general sales tax on the supply of equipment and installation rate of 1.
The nationalist BJP, which opinion polls show is on course to win the most seats in an election starting April 7, would also introduce a general sales tax and overhaul the financial sector, its manifesto is likely to say.
These forms of revenue had similar fates before and after the 2008 recession, each growing to approximately $300 billion by the end of the 2007-2008 fiscal year before revenue from general sales tax declined to $285 billion and revenue from individual income tax declined to $260 billion by 2009-2010.
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.
Various factors such as an increase in general sales tax, weakening of the rupee, receipt of coalition support fund etc are expected to prompt the central bank to hold the interest rate steady.
1% from 2011, while general sales tax revenue was at USD 242.
The report's rankings factored in general sales tax and discriminatory travel taxes on hotels, car rentals and meals.
Property tax, individual income tax, and general sales tax were all up in the third quarter of 2011 from the third quarter of 2010, but corporate income tax declined over the same period.
Islamabad, May 18(ANI): The International Monetary Fund (IMF) has agreed with Pakistan to give relaxation on the much-debated and much-controversial Reformed General Sales Tax (RGST), as Islamabad assured the international donor that it would bring Plan-B which would generate more revenue than the RGST in the coming budget 2011-12.
We demonstrate that Rothbard is incorrect in that the imposition of a general sales tax alters the alternatives available to sellers and buyers such that with unchanged subjective values the preferences of both buyers and as sellers as manifested in their actions result in the buyers paying higher prices and the sellers receiving lower prices.
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