June 25, Sunday : Countdown has begun, as only five days are left for the Goods and Service tax roll out in India.
However, the concept of Goods and Service tax is not new to the world, as around 160 countries have already implemented this while some have Dual-GST (e.g. Brazil, Canada etc.) version.
Before stepping into new tax regime wave, Lets have a look on some of the worldwide GST rates :
So in India, we have four slab in the GST regime, minimum of 5 percent and maximum of 28 % according to which items has been placed.
India followed Canadian model of single tax. It is also said to be believed our country’s GST regime is complex as compared to other countries just because of segmentation and a sin tax–40%–which will be implemented in rare occasion.
The GST was first introduced in France, later other countries followed the suite.
The new tax regime will launched on June 30 midnight. President Pranab Mukherjee, Prime Minister Narendra Modi, Manmohan Singh, HD Deve Gowda, Speaker of the Lok Sabha and other dignitaries will be presented.
All the Chief Ministers and finance ministers of the states have also been invited to the launch event.