Some countries use a VAT system under a different name. For instance, Canadians pay the goods and services tax (GST) of 5% on all goods and services, including real property and intangible goods. Consumers receive relief through refund checks for a portion of the GST they pay each year.8 ...
Under the GST system, taxpayers are required to mention the HSN code in their invoices and returns for proper classification of goods and for certain GST exemptions. Exemptions for Small Taxpayers Small taxpayers with an annual turnover below Rs. 1.5 crore are exempt from mentioning the HSN code...