Goods and Services Tax (GST)
A broad consumption tax similar to VAT, used in countries like Australia and India.
Goods and Services Tax (GST) is a broad-based consumption tax levied on the supply of goods and services. It functions similarly to VAT but may have different implementation details depending on the country. Australia charges a 10% GST, Singapore charges 9%, and India uses a multi-rate GST system. Like VAT, GST is ultimately borne by the end consumer, with businesses able to claim credits for GST paid on inputs.