GST is a an acronym, an abbreviated word that is formed from the initials of words in a phrase or long word. GST has over more than meanings, including meanings related to information and technology, military and government, science and medicine, organizations and schools, business and finance and slang and pop culture.
Goods and Services Tax
GST is most well known for being the acronym for goods and services tax. The tax was introduced in 1991. The goods and services tax is a value-added tax in Canada that is applied on most goods and services sold for domestic consumption. Essential goods and services, such as groceries, prescriptions and medical services are exempt from the tax. The tax is used to provide income to the Canadian federal government.
General Systems Theory
GST is a common acronym for general systems theory. General systems theory is a scientific theory that was first proposed by biologist Ludwig von Bertalanffy in 1928. According to Survey Software Solutions, the basic idea behind the general systems theory is that a system is characterized by the interactions of its components and the nonlinearity of those interactions. In 1951, Ludwig von Bertalanffy extended his theory to include biological systems and an electrical engineer, Lotfi Zadeh popularized his theory three years later.
Guam Standard Time
GST is a common acronym for Guam Standard Time. Guam is an island that is located in the North Pacific Ocean and the entire island is on the same time system. Guam does not use daylight savings time. Guam standard time is calculated by using Greenwich mean time (GMT) and adding 10 hours.
GST is an acronym for generation-skipping transfer. The generation-skipping transfer is a confusing and misunderstood tax. It is separate from income tax, estate tax and gift taxes. Basically, the generation-skipping transfer is designed to allow property transfers to children and spouses. However, if you transfer property to grandchildren or people two or more generations below the person making the transfer, a steep tax of up to 45 percent of the value of the transferred property is imposed and payable to Internal Revenue Services, or IRS.
Green Shirt Thursday
GST is an acronym for green shirt Thursday. Green shirt Thursday was started by a group of college students in the 2000s. The idea behind green shirt Thursday is single individuals are supposed to wear a green shirt on Thursdays to signal to others around you that you a looking for a date or a "hook up" or sexual fling with a member of the opposite sex for the weekend. The idea behind the green shirt was that it was like a green light, giving you the go ahead.
Kallie Johnson began her writing career in 2009, contributing to various online publications. She holds a Bachelor of Arts in English from the University of Nevada, Las Vegas. She enjoys writing home and garden topics and considers herself an expert on do-it-yourself home improvement topics.