Making sense of GST

THE Government has never been as aggressive when it comes to consolidating its financial position until recently.

From ongoing efforts to restructure the various subsidy schemes in the country, and the removal of them in some cases, to the proposal of introducing a new tax format, called the goods and services tax (GST), or value-added tax (VAT) as it is known in some countries, one thing is clear – the Government is intent on putting up mechanisms that can trim its persistent financial deficits and rising debt burden to hunt for that elusive surplus and build up its savings to prepare for rainy days ahead.