Goods and Services Tax

Goods and Services Tax

A Goods and Services Tax, or Value-Added Tax, is an indirect form of taxation levied on goods and services sold. It applies throughout the value supply chain of goods and services as they spread through an economy, from the manufacturing or importation through to consumer or end-user purchases. At each point of sale in the goods or services supply chain, there is a legal duty to pay the tax which is included in the price charged to the customers. The entities collecting the taxes have a legal duty to transfer taxes collected to the government.

logo-animationlogo-animationlogo-animation

Related terms