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What is GST (Goods and Services Tax)?


GST is an acronym for Goods and Services Tax. Most of the people say it as Goods and Service Tax by forgetting to use plural for Service in the phase. So, correctly to call it is Goods and Services Tax.

Image: Goods and Services Tax (GST)
GST

In the GST Tax Mechanism, the total Tax is ultimately levied on the end consumer, and it is also called as Last-Point Retail Tax. At every state, tax is calculated on Net Sales of Goods and/or Services, i.e. Tax on Sales will be set off against the Tax on Purchases of Goods and Services.

French was the first Country to introduce GST

The GST firstly introduced in 1954 in French. it is proposed to be implemented on April 1, 2017 in India., as on today it has spread to around 164 countries in the world which levies GST/VAT. And the following is the list of the numerical calculation of countries that are implementing GST/VAT in the parts of World.

S.NO.

REGION

NO. OF COUNTRIES

1

Asia

28

2

Europe

51

3

Oceania

8

4

Africa

46

5

South America

12

6

Caribbean, Central America

18

7

North America

1

TOTAL

164

GST become more popular in the World and most of the Countries are implementing it. Even India is also upgrading from VAT to GST from April, 2017 onward.

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is the founder of AccountsGuy.Net with the view of providing Accounting and Technical support using Accounting package Tally ERP 9, and Office Tools to the people. I write articles on Accounts, Blogging, Computer Operating, and technical issues and some of my experiences on them for students, beginners. Follow our Networks or sing-up for the email newsletter below for your daily dose of Tips and Tricks.
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