General Sales Tax

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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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Individual income and general sales taxes account for the lion's share of states' tax revenue--about 72 percent--roughly double the percentage the two taxes contributed in 1960.
Virtually tying as the third and fourth most popular revenue sources for state governments are general sales taxes and individual income taxes.
ISLAMABAD -- Finance Minister Ishaq Dar on Saturday made it clear that provisional collection of increased General Sales Taxes done under an Act of 1931 till June 30th is legal, constitutional and the previous governments resorted to the same practice every year.
iii) An itemized deduction for state and local general sales taxes claimed in lieu of the itemized deduction for state and local income taxes (see [paragraph] K-4510 et seq.
109-432, 12/20/06) extended the election to take an itemized deduction for state and local general sales taxes (instead of state and local income taxes) to tax years beginning after 2005; thus, the election is available to eligible taxpayers for both 2006 and 2007.
Section 501 of the act adds IRC section 164(b)(5), which provides that taxpayers who itemize their deductions can elect to deduct state and local general sales taxes instead of state and local income taxes paid for 2004 and 2005.
State and local general sales taxes, tax on gasoline and driver's license fees are deductible for federal income tax purposes.
The national average for general sales taxes as a percentage of total taxes is about 24 percent.
21) Figure 4 indicates some major features of general sales taxes for states in the region.
For fiscal 1991, more than half the rise is expected to come from increases in general sales taxes and personal income taxes.
AJCA Section 501 allows taxpayers to elect an itemized deduction for state and local general sales taxes in lieu of the deduction for state and local income taxes.
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