Gross sales tax is a type of consumption tax levied on the level of sale. It’s usually calculated as a share of the acquisition worth and is collected by the vendor, who then remits it to the federal government.
The state of Texas has a gross sales tax fee of 6.25%. This fee is utilized to most items and companies offered within the state, together with meals, clothes, and gasoline. Nonetheless, there are some exemptions to the gross sales tax, resembling pharmaceuticals, groceries, and newspapers.