World Bank said - GST of India is the most complex tax system in the world
Another bad news has come for the Modi government in an attempt to improve the Goods and Services Tax (GST). The World Bank has raised many serious questions about the new tax system implemented in India by the World Bank. The World Bank has said it is quite complex. With this it has been said that the applicable tax slab in India is the second highest in 115 countries.
Report issued by World Bank
The World Bank has released a report. In this, he compared tax rates and slabs to countries where GST is applicable. A total of 115 such countries have been included in this report. Let me tell you, the Modi government had implemented GST since July 1. There are 5 tax slabs in GST applicable to India. It has 0, 5 percent, 12 percent, 18 percent, and 28 percent.
Some products are out
Many products, including petrol and diesel, are currently excluded from the GST scope. At the same time, there is a tax rate of 3 per cent on gold. Those things which are excluded from GST are taxed on the basis of first tax system.
More tax slabs
There are 5 tax slabs in India. At the same time, there are only one GST rate in 49 countries worldwide. According to the report, 2 tax slabs are used in 28 countries. At the same time, there are 5 countries including India, where 4 tax tax slabs are effective. Countries with 4 and above GST tax slabs are Italy, Luxembourg, Pakistan and Ghana.
Jaitley has given suggestions
Finance Minister Arun Jaitley suggested to reduce the GST tax slab from 5 to two slabs. He indicated that GST tax slabs can be kept only 12 percent and 18 percent. He had said that as soon as there will be stability in transparency and the revenue it receives, the same will be considered for stability.
The question raised about the refund
The World Bank has said in its report that there was a lot of problems in the initial days of the introduction of GST. The World Bank has also expressed concern over the slowing of the refund after GST. It has been said in the report that due to the refund, its direct impact falls on the capital of the traders. Because of this, their business is affected.
'Come on tax slab'
The World Bank has also questioned the expenditure incurred for implementing GST in its report. The Global Financial Institution has suggested in its report to make necessary changes in the future and hope that there will be positive changes in going ahead. In the report, it has been suggested to reduce the number of tax slabs and simplify the GST process.
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| Gst, world |
Another bad news has come for the Modi government in an attempt to improve the Goods and Services Tax (GST). The World Bank has raised many serious questions about the new tax system implemented in India by the World Bank. The World Bank has said it is quite complex. With this it has been said that the applicable tax slab in India is the second highest in 115 countries.
Report issued by World Bank
The World Bank has released a report. In this, he compared tax rates and slabs to countries where GST is applicable. A total of 115 such countries have been included in this report. Let me tell you, the Modi government had implemented GST since July 1. There are 5 tax slabs in GST applicable to India. It has 0, 5 percent, 12 percent, 18 percent, and 28 percent.
Some products are out
Many products, including petrol and diesel, are currently excluded from the GST scope. At the same time, there is a tax rate of 3 per cent on gold. Those things which are excluded from GST are taxed on the basis of first tax system.
More tax slabs
There are 5 tax slabs in India. At the same time, there are only one GST rate in 49 countries worldwide. According to the report, 2 tax slabs are used in 28 countries. At the same time, there are 5 countries including India, where 4 tax tax slabs are effective. Countries with 4 and above GST tax slabs are Italy, Luxembourg, Pakistan and Ghana.
Jaitley has given suggestions
Finance Minister Arun Jaitley suggested to reduce the GST tax slab from 5 to two slabs. He indicated that GST tax slabs can be kept only 12 percent and 18 percent. He had said that as soon as there will be stability in transparency and the revenue it receives, the same will be considered for stability.
The question raised about the refund
The World Bank has said in its report that there was a lot of problems in the initial days of the introduction of GST. The World Bank has also expressed concern over the slowing of the refund after GST. It has been said in the report that due to the refund, its direct impact falls on the capital of the traders. Because of this, their business is affected.
'Come on tax slab'
The World Bank has also questioned the expenditure incurred for implementing GST in its report. The Global Financial Institution has suggested in its report to make necessary changes in the future and hope that there will be positive changes in going ahead. In the report, it has been suggested to reduce the number of tax slabs and simplify the GST process.
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