what is vat rate 2023

As of November 2023, the VAT rates vary depending on the country and the type of product or service. The standard VAT rate in the European Union ranges from 16% in Luxembourg to 27% in Hungary. In India, the rate of GST varies from 5% to 28% depending upon the category of goods and services being supplied, with the general rate of tax being 18% on the majority of goods and services. It is important to note that VAT rates vary as not all countries implement Value Added Tax (VAT), and in some nations, VAT is only applicable to specific goods and services.