A COMPARATIVE STUDY OF GST IN INTERNATIONAL SCENARIO

The fiscal policy of India took a key step on 1st July, 2017 as the government implemented
Goods and Service Tax (GST). GST is destination-based tax structure which subsumes
various indirect taxes at both Centre and State level into a single tax with five slabs with
option of availing input tax credit at each state. The reform indicates distinction of tax
structure among 160 developed and developing countries around the world. India
adopted a dual GST structure based on a pragmatic federal relationship that requires
both the Centre and States to play a crucial role in deciding GST structure and rates
thereof.