GUIs are one of the important areas in most of the software products. I would like to know whether there is something called GUI Standards that defines the best practices in GUI
I don't think there is any GUI standard, but for sure there are some good GUI practices.
This article seems helpful
Principles of Good GUI Design
I found a similar SO question also
Best Practices & Principles for GUI design
windows is originaly based on CUA
https://en.wikipedia.org/wiki/IBM_Common_User_Access
although microsoft has gone bananas since Vista, one example is the exchanged order of Edit and View menu commands in the calculator.
Look for platform-specific user interface design guides. Microsoft has one, as does Apple and even GNOME.
Things like this are quite "cultural", i.e. they change when you move between different operating systems and so on.