Indian GST one of the most complex tax systems says World Bank

World Bank  has raised grave questions on Prime Minister Narendra Modi’s ambitious tax reform system introduced on 1st  July 2017. The global institution has termed GST (goods and services tax) in India as one of the most complex tax systems. According to the World Bank report, out of the 115 countries surveyed the tax rate in India is the second highest. According to ‘Live Mint’, the indirect tax system is applicable to all countries involved in the report. Five slabs (0, 5, 12, 18 and 28 percent) have been created in the framework of the GST brought out by the Modi government on July 1, 2017. All the goods and services are kept within the same tax slabs. The government has kept many goods and services out of the purview of GST and fewer tax has been imposed on some. As on gold, three precious stones have been taxed at the rate of 0.25 percent. At the same time, stamp duty and electricity bill on alcohol, petroleum products, real estate is excluded from the purview of GST. The World Bank had released a half year report of ‘India Development Update’ on Wednesday (March 14th).