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Vietnam has three VAT rates: 0 percent, 5 percent and 10 percent. 10 percent is the standard rate applied to most goods and services unless otherwise stipulated.

In Ukraine there are two VAT tax rates in Ukraine, 20% (applied to most goods and services) and 7% (applied mostly to medicines)

In April 1973 the UK replaced its existing tax system with the Value Added Tax at 10% the tax rate has changed over the years; with effect from 4 January 2011 VAT stands at 20%.

GST was implemented at a single rate of 3% on 1 April 1994, but in July 2007 GST was increased to 7%

GST was introduced in Malaysia in 2015 and the rate is currently set at 6%

In Canada, GST is levied at 5% on supplies of goods or services and includes most products. A Harmonised Sales Tax of 15% is also levied in some provinces in Canada.

GST was introduced in Australia in 2000 and the rate was set at 10%

GST was introduced by the Fourth Labour Government of New Zealand on 1 October 1986 at a rate of 10% on most goods and services, on 1 October 2010 it increased to 15%.

France was the first country to introduce VAT on 10 April 1954. As of today, there are four rates of VAT in France; 2.1%, 5.5%, 10% and 20%.

Of all the countries that have implemented GST, India has the highest tax rate. Here are some countries that have lesser GST rates than India.

In India, nearly 60% of all goods under GST fall under the 18% or 28% tax bracket, this is done to ensure that the revenue earned by both the state and the central government remains intact. While grains and milk remain tax free; items like shampoos, deodorants and sadly even chocolates are taxed at a whopping 28%.

While the GST has been promoted with the tagline ‘One Nation, One Tax’ India hardly has a singular tax structure; under GST, goods and services fall under four tax brackets - 5%, 12%, 18%, 28%.

India woke up to a new tax structure this morning, a reform that most of its citizens still fail to fully understand. As of July 1, India has implemented a dual-GST structure through which both the central and the state will have the power to collect taxes.

India’s top entrepreneurial platform recognises the best SMEs, MSMEs and Startups of the year. Watch Leaders of Tomorrow Season 8 eAwards on 13th of September 2020, 5pm onwards on Times Network.

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