France was the first country which implemented GST system in the year 1954. The idea of goods and service tax was first explained by Wilhelm von Siemens who was a great businessman from German.
At present time there are more than 150 countries worldwide running on this taxation system in their country.
- Canada - Ranges from 13% to 15%
- France - Standard rate: 20%, Reduced rate: 5.5% & 10%
- UK - Standard rate: 20%, Reduced rate: 5%
- New Zealand - Peak rate: 15%
- Malaysia - 6%
- Singapore - 7%
- India - Indicative rate ~ may range from 12% to 20%