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SOME GLOBAL GOODS & SERVICE TAX MODELS

Goods and Service Tax - GST - By: - Dr. Sanjiv Agarwal - 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 .....

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re and Oregon do not impose such taxes. Canadian model Being a Federal State, Canada follows dual GST between Union and States having three components - Federal GST and Provincial Retail Sales Tax (PRST) being administered separately; joint federal and provincial VAT being administered federally and separate federal and provincial VAT being administered provincially only for Quebec. Introduced in 1905, present tax rate is 5%. Indian situation resembles to that of Canadian model. Australian model .....

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