Claim: The rate of 1% under composition scheme of GST for companies with a turnover of up to Rs 1.5 crore is also the lowest rate in the World: PM Narendra Modi
Fact: False. Many countries offer a minimum tax of 1% on small enterprises.
Explanation: Many countries offer a minimum tax of 1% on small enterprises with relatively low turnover, including Indonesia, Congo, Djibouti, Gambia (for audited accounts), Ivory Coast (companies with losses), Nicaragua and Romania. Several countries also offer zero corporate tax rates, including many Caribbean islands such as Anguilla, Bahamas, Bermuda and British Virgin Islands.