GST Comparison in Asia
GST Comparison in Asia! Stands for Goods and Services Tax . GST is a main source of tax revenue income for many governments in Asia. In the amidst, news ,Singapore Government going to raise taxes, probably on GST due to higher public spending .Lets check out where , Singapore GST stands in comparison to the GST rate by other countries in Asia.
Generally Asia countries , have a standard flat rate for all Good and Services, tax. India is an Exception , good and service taxes varied accordingly. But there are effort in India to make a one Flat rate to achieve their Country One tax One nation vision.
Surprisingly there is one developed States In Asia , that do not have GST , that is Hong Kong.
Refer the Table for GST Comparison in Asia
| No | Country | GST Rate |
|---|---|---|
| 1 | Singapore | 7% |
| 2 | Hong Kong | 0% |
| 3 | South Korea | 10% |
| 4 | Japan | 8% |
| 5 | Taiwan | 5% |
| 6 | Australia | 10% |
| 7 | Malaysia | 5% to 10% ( SST ) Depending on the goods in question |
| 8 | Indonesia | 10% |
| 9 | Thailand | 7% |
| 10 | Vietnam | 10% |
| 11 | China | 17% Various Exception applied |
| 12 | India | Multiple GST Rate |
Well after comparing the GST tax rate for various country , Singapore still are among one of the lowest GST tax rate in Asia.
Check out Job Security in Singapore here
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