201606.27 0 0 Tax Reforms And GST by chambers in Goods & Services Tax (GST) in India Tax Reforms And GST Tax Reforms And GST It is vey interesting to note that India has had seen various tax reforms like CENVAT & VAT . The biggest tax reform will be the much awaited Goods & Service Tax (GST) in India . The saga of tax reforms in India and the implementation of GST in other parts of the world can be understood from the following : 1.Tax reforms started in India from 1974 i.e almost 41 years back. 2.India began talking about GST since 2007 when Mr. P. Shome released a white paper on GST . 3.It was followed by Finance Minister of India announcing the vision of GST during his F.Y 2007 budget speech . 4.India committed to GATT for implementation of GST by 2009-2010 . But, we failed miserably to make a consensus amongst various states of India. 5.So far almost 161 countries has implemented the GST worldwide. 6.The last country to implement GST was Malaysia w.e.f 1st April 2015 . 7.GST was first introduced in Singapore on 1 April 1994 and the first GST rate was 3%. 8.The GST rate in Singapore was increased to 4% in 2003 and then to 5% in 2004. At present, GST rate is 7% in Singapore . GST- A New Tax System 9.Indian GST model have framework from Brazil and Canada . However, oflate we are influenced by Malaysia model as well. 10. The reason of following Brazil was its structure of 27 states nearing to the Indian structure . 11. Brazil has average GST rate of 17% . Whereas, Indian average rate is also going to be 17%-18% . 12. Canada had introducted GST in January 1991. It is pertinent to note that the implementation of GST saw controversies at par India before GST was finally implemented in Canada . 13.GST in India will boost the GDP of India by 2% . This boost in GDP can be very substantial especially when European nations are struggling to achieve a growth in GDP even by 0.5% . Hence, GST really matters the most for real growth of India . Are you ready for GST in India ?