GST, 2nd Highest Tax Rate in World: World Bank Report

According to the World Bank Report, The goods and services tax (GST) is one of the most complex with the second highest tax rate in the world among a sample of 115 countries which have a similar indirect tax system.

India’s GST structure has five tax slabs of 0, 5%, 12%, 18%, and 28%. Further, there are several exempted sales and exports are zero-rated, which allows exporters to claim the refund for taxes paid on inputs. As many as 49 countries around the world have a single slab of GST, while 28 countries use two slabs, and only five countries, including India, use four non-zero slabs.
Source- The Livemint

Static/Current Takeaways Important for Exams-
  • Jim Yong Kim is the 12th President of the World Bank Group.
  • World Bank Headquarters in Washington DC, USA.