ü  160 countries have introduced GST.

ü  Known as consumption tax, VAT, GST, business tax etc.

ü  It has been a part of the tax landscape in Europe for the past 50 years.

ü  It is fast becoming the preferred form of indirect tax in the Asia-Pacific region.

ü  There are over 40 models of GST currently in force, each with its own peculiarities.

ü  Multiple tax rates apply in many countries (standard / general / reduced / low, premium etc).

ü  While countries such as Singapore and New Zealand tax virtually everything at a single rate, Indonesia has five positive rates, a zero rate and over 30 categories of exemptions.

ü  In China, GST applies only to goods and the provision of repairs, replacement and processing services.

ü  It is only recoverable on goods used in the production process, and GST on fixed assets is not recoverable.

ü  In some countries, there is a separate business tax in the form of VAT.

ü  Global average GST / VAT rate is 16.4 percent, while average rate in Asia - Pacific is 9.88 percent

ü  Canada introduced GST way back in 1905; Malaysia is the latest entrant (2015)

Over 160 countries in the world are currently levying VAT / GST. The list of these countries can be referred to in Appendix A to this Chapter.

Global indirect tax rates vary from zero rated to as high a thirty percent. The rates adopted by different countries can be referred to in Appendix B to this Chapter.  Appendix C gives a graphic presentation of VAT / GST rates and threshold limit applicable in OECD member countries. Appendix D provides a glimpse of increase in VAT / GST geographic.