The PM Narendra Modi lead government introduced the Goods and Service taxes across the country, from July 1, 2017. Following the implementation of GST, lots of economic changes, and troubles happened in the country, following which a survey had been done and a report was released by the World Bank.
Indirect taxes have been in existence in more than 115 countries across the world, and of all these countries, India is the second in the countries imposing the highest percentage of GST. World Bank has also revealed that the GST Imposed in India is the toughest and stronger than the taxes in the other 115 countries. There are currently 5 levels of GST in India, which are 0%, 5%, 12%,18% and 28%. Of these, the 0% taxed items can get back the same using Input tax.
Besides GST, there's a 3% tax on
Gold and a 0.25% tax on Diamonds. In the World Bank analysis, it was observed
that 49 countries have a single GST, and 28 counties have dual GST. Along with
India, the only other countries with 4 tax other than 0%, and they are Italy,
Luxembourg, Pakistan and Ghana. The World Bank has reasserted that though in
the initial stages GST might be troublesome, it will be instrumental in the
nation's economy in future.
