Centre is launching a new national Goods and Services Tax (GST) on July 1 that will unify its $2 trillion economy and 1.3 billion people into a single market for the first time.

The GST embodies the principle of “one nation, one tax, one market”, according to the government. But in practice the Indian version is more complex and will be tougher to comply with than is the case in many other countries.

Special Correspondent

Here’s how the India’s GST compares with its counterparts in Asia :

INDIA
Standard rates: 5, 12, 18, 28 percent
Exemptions: Yes
Reduced rates: Yes
Filing: Three times monthly and once annually. Separate returns required for each state in which a company operates

AUSTRALIA
Standard rate: 10 percent
Exemptions: Yes
Reduced rates: No
Filing: Quarterly; monthly for large businesses

MALAYSIA
Standard rate: 6 percent
Exemptions: Yes
Reduced rates: No
Filing: Quarterly or monthly for larger businesses

NEW ZEALAND
Standard rate: 15 percent
Exemptions: Yes
Reduced rates: Yes
Filing: Half yearly, every two months or monthly, depending on the size of the business

SINGAPORE
Standard rate: 7 percent
Exemptions: Yes
Reduced rates: No
Filing: Typically every three months

The GST embodies the principle of “one nation, one tax, one market”, but the very purpose been defeated by multi tax rates and returns filling norms by Indian authorise fears traders.

Source: KPMG Asia Pacific indirect tax country guide

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