(PTI Photo by Kamal Singh)The much-awaited Good and Service Tax (GST) has finally come into effect from July 1, 2017. Countries like Brazil and Canada operate with a Dual-GST system and European countries follow a single tax system. In Canada, Provincial sales taxes (PST) gets levied by the states, and Goods and Services Tax (GST), a value-added tax is levied by the federal government. Goods and services relating to basic needs such as drugs, medical services, basic groceries, agriculture are taxed at zero per cent GST. The GST replaced the federal wholesale sales tax and state and territory taxes with a single tax rate of 10 per cent.

Source: Indian Express July 01, 2017 15:37 UTC