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.
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