GST ACROSS THE WORLD

GST ACROSS THE WORLD

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.  Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

The Goods and Services Tax or GST is launched on the 1st of July, and it is set to revolutionize the way we do our taxes.

India has kept the majority of items under the 18% tax slab, goods and services are taxed at the following rates, 0%, 5%, 12%,18% and 28%.

Malaysia is the most recent country to have switched to GST. At 6% it ranks among the least taxed countries

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source : http://www.factall.com/gst-across-the-world/