What is UKGST?

Answer 1

UKGST, or the United Kingdom Goods and Services Tax, is a proposed tax system aimed at simplifying the UK's taxation framework by applying a single rate to goods and services. It seeks to replace the existing Value Added Tax (VAT) with a more streamlined approach, potentially improving compliance and administration. While discussions about UKGST have occurred, as of now, it has not been implemented. The idea is to create a fairer system that reduces the burden on businesses and consumers alike.