SOME GLOBAL GOODS & SERVICE TAX MODELS
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 4-7-2015
Some of the popular GST models being practiced in various countries are as follows –
United Kingdom model
Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the national government. It was introduced in 1st January, 1973 and is the third largest source of government revenue after income tax and National Insurance. Before 1973 the UK had a consumption tax called Purchase Tax, which was levied at different rates depending on the goods' luxuriousness. The general rate is 20% and reduced rate is 5%.
United States of America model
The United States does not impose a national-level sales
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ation resembles to that of Canadian model.
Australian model
Australia follows a single GST which is a federal tax collected by Centre and distributed to States. GST was introduced in July 2010 and rate of tax is 10%. Indian situation is similar but States may not like to lose their autonomy.
Malaysian model
Goods and services tax (GST) in Malaysia, a value added tax, was scheduled to be implemented by the Government during the third quarter of 2011, but has not yet been implemented. The Government is still studying the possible impact of the tax. During the Government reading of the 2014 budget, Malaysian Prime Minister announced that GST @ 6% shall be imposed starting on April 1, 2015.
Singapore model
On the recommendation of the
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