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From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
After its launch, the GST rates have been modified multiple times, the latest being on 10 May 2023 where taxpayer with over ₹5 crore turnover in any financial year from 2017 to 2018 shall issue e-invoices w.e.f. 1 August 2023. [23] Members of the Congress boycotted the GST launch altogether. [24]
This is the list of countries by inheritance tax rates. Inheritance tax or estate tax is the tax levied upon the wealth of a person at the time of their death before it is passed on to their heirs. [1] [2] [3]
Country Number of deaths (2023) China 11,684,177 India 9,507,008 United States 2,975,658 Nigeria 2,675,442 Indonesia 2,117,706 Russia 1,794,857 Pakistan 1,600,313
The rate for GST, effective since 1 October 2010 is 15%. [77] This 15% tax is applied to the final price of the product or service being purchased and goods and services are advertised as GST inclusive. Reduced rate GST (9%) applies to hotel accommodation on a long-term basis (longer than 4 weeks).
Based on inputs from GoI and States, The EC released its First Discussion Paper on Goods and Services Tax in India on 10 November 2009 with the objective of generating a debate and obtaining inputs from all stakeholders. A dual GST module for the country has been proposed by the EC. This dual GST model has been accepted by centre.
The tax rate is 25 percent for domestic companies. For new companies incorporated after 1 October 2019 and beginning production before 31 March 2023, the tax rate is 15 percent. Both rates apply only if a company claims no exemptions or concessions. For foreign companies, the tax rate is 40 percent (50 percent on royalties and technical services).