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GST Rate in India, GST Rates in India, Worldwide GST Rates 2017

GST Rate in India, GST Rates in India, Worldwide GST Rates 2017 – Full Analysis. GST Tax Rate in India. GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%. Combined GST rate is being discussed by the Government. The Revenue neutral rate is expected around 18%. After the total GST rate is arrived the centre and state will decide on the CGST and SGST rate. Check Proposed GST Rates in India From Below…

Currently No GST Rate is Decided by Finance Ministry, Recently GST Council again Failed to Decide GST Rates in India, Now GST Rates are finalised in Next Month (November 2016). Recently Union and state finance officials met for two days in New Delhi to resolve their differences over the rates as well as the administration of the tax. They will again meet on November 3-4.

GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%

Though rates of the GST are never the part of provision of the act but as promised in the Rajya Sabha by Hon. Finance Minister Shri Arun Jaitely that upper limit of the tax will be part of the law and therefore upper limit of the tax rate of 14% has been provided in Section 8(1) of CGST /SGST Law) and & 28 % on IGST (Section 5(1) of IGST Law) and therefore, now there will be following categories of the tax rates.

Rate of TaxExpected bifurcationRemark
Nil (Exempted Supply)(0% of CGST & 0% of SGST)Necessity items may be exempted, which are presently exempted in all the states for VAT. Generally, these will be in the range of 80 to 99 items.
5%(2.5% of CGST & 2.5% of SGST)Items which are exempted under excise and VAT rate is in the range of 4% to 6% may be covered under this category
12%(6% of CGST & 6% of SGST)Items on which excise duty is 6% and VAT rate are in the range of 4% – 6% may be covered under this category
18%(9% of CGST & 9% of SGST)Majority of the Items, which are not directly needed to the consumer and not covered above will cover in this category.
28%(14% of CGST & 14% of SGST)All other items which are directly reaching to the consumer including luxury goods, i.e. white goods and beverages

GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%. GST rate structure finalised on 3 Nov 2016. Check more details from following link….

GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%

GST Rate in India, GST Rates in India, Worldwide GST Rates 2017

Some of the countries with higher GDPs and their GST rates are listed below:

CountryYear of implementationCurrent Rate
Canada19915%
Australia200010%
Switzerland19958%
Singapore19937%
Japan19895%
IndiaProposed (2016-2017)18% (Standard)

Latest News About GST Rates

  • 20-Oct-2016 : The ministry has proposed four tax rates, with the highest at 26 percent for about 20-25 percent of taxable items. Other slabs included 12 percent for food and fast-moving consumer goods (FMCG), and 4 percent for precious metals like gold.
  • 20-Oct-2016 : Finance Minister Arun Jaitley, however, remained optimistic that the November meeting would resolve the differences, paving the way for the tax’s implementation from 1st April 2017.

Proposed GST Rates in India

Tax Slabs: Overall, GST will cover rates of 6, 12, 18 and 26 per cent, with higher tax set aside for luxury items, which may also attract an additional cess.

Food items: Food goods will be exempt from GST as well about half of everyday items will fall in the lower tax slabs. About 70 per cent of the items will incur an 18 per cent tax rate.

FMCG and consumer durable products: These will attract 26 per cent GST rate, lower than the current tax of about 31 per cent.

Services: These will be taxed at 6 per cent, 12 per cent and 18 per cent, which will be the highest rate. More details are awaited on services.

Keep visit to our site for More updates, we will update this article when Exact GST Rates Decided by Finance Ministry.

GST Rates – based on RNR : Four rates –

  • Merit rate – essential goods or services
  • Standard rate – goods or services in general
  • Special rate – precious metals
  • Nil rate – exempted goods or services

Floor rate with a small band of rates for standard rated goods / services for CGST & SGST

VAT Rates, Sales Tax Rates and GST Rates of Various Countries

Country NameStandard rate*Other rates**
Albania20%0%
Argentina21%27%, 10.5%, 0%
ArubaRT: 1.5%
HT 1%–2$
NA
Australia10%0%
Azerbaijan18%0%
BoliviaNominal: 13%
Effective: 14.94%
0%
Bonaire, Sint Eustatius and SabaGoods: 6%–8%
Services: 4%–6%
30%, 25%, 22%, 18%, 10%, 7%, 5%, 0%
Botswana12%0%
BrazilIPI: 0%–365%
ICMS: 0%–35%
ISS: 0%–5%
PIS-PASEP: 0.65%, 1.65%
COFINS: 3%, 7.6%
NA
Bulgaria20%9%, 0%
CanadaGST: 5%
HST: 9.975%–15%
0%
Chile19%15%–50%
China17%13%, 11%, 6%, 3%
Colombia16%5%, 0%
Costa Rica13%10%, 5%, 0%
Croatia25%13%, 5%
Curaçao6%9%, 7%
Denmark25%0%
Dominican Republic18%13%, 0%
Ecuador12%0%
Egypt10%1.2%–45%
European UnionNANA
Finland24%14%, 10%, 0%
France20%10%, 5.5%, 2.1%
Germany19%7%
Ghana15%17.5%, 5%, 3%, 0%
Greece23%13%, 6%
Hungary27%18%, 5%
Iceland24%11%, 0%
India12.5%–15%20%, 4%–5.5%, 1%, 0%
Indonesia10%0%
Ireland23%13.5%, 9%, 0%
Isle of Man20%5%, 0%
Israel17%0%
Italy22%10%, 5%, 4%
Japan8%NA
Jersey5%0%
Jordan16%4%, 0%
Kazakhstan12%0%
Kenya16%0%
Korea10%0%
Madagascar20%0%
Malaysia6%0%
MaldivesGST: 6%
TGST: 12%
0%
Malta18%7%, 5%
Mauritius15%0%
Mexico16%0%
Moldova20%8%, 0%
Mongolia10%0%
Morocco20%14%, 10%, 7%
MyanmarGoods: 5%–120%
Services: 5%
3%
Namibia15%0%
Netherlands21%6%, 0%
New Zealand15%0%
Nicaragua15%0%
Nigeria5%0%
Norway25%15%, 10%, 0%
PakistanGoods: 17%
Services: 14%–16%
24%, 19.5%, 18.5%, 18%, 10%, 8%, 6%, 5%, 4%, 3%, 2%, 1%, 0%
Panama7%15%, 10%
Papua New Guinea10%0%
Paraguay10%5%
Peru18%0%
Philippines12%0%
Poland23%8%, 5%, 0%
Portugal23%13%, 6%
Romania20%9%, 5%
Russian Federation18%10%, 0%
Rwanda18%0%
Saint Lucia15%9.5%, 0%
Serbia20%10%, 0%
Seychelles15%0%
Singapore7%0%
Sint Maarten5%NA
Slovak Republic20%10%, 0%
Slovenia22%9.5%, 0%
South Africa14%0%
Spain21%10%, 4%
SurinameGoods: 10%
Services: 8%
25%, 0%
Sweden25%12%, 6%
Switzerland8%3.8%, 2.5%, 0%
TaiwanVAT: 5%
GBRT: 0.1%–25%
NA
Tanzania18%10%, 0%
Thailand7%0%
Trinidad and Tobago12.5%0%
Tunisia18%12%, 6%
Turkey18%8%, 1%
Uganda18%0%
Ukraine20%7%, 0%
United Kingdom20%5%, 0%
United States0%–7.5%NA
Uruguay22%10%, 0%
Venezuela12%8%–20%, 0%
Vietnam10%5%, 0%
Zambia16%0%
Zimbabwe15%0%

* Rate shown here is most common standard rate; for regional variations, see each chapter.
** Rates for small businesses and special schemes explained in each chapter.

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