The proposed GST model to be implemented in Malaysia :- 1st: The GST rate is fixed at 6% and to be effective from 1 April 2015. 2nd: GST will NOT be imposed on basic food items such as rice, sugar, salt, flour, cooking oil, lentils, herbs and spices, salted fish, cencalok, budu and belacan; 3rd: GST will NOT be imposed on piped water supply, and the first 200 units of electricity per month for domestic consumers; 4th: GST will NOT be imposed on services provided by the Government such as the issuance of passports, licences, health services and school education; 5th: Transportation services such as bus, train, LRT, taxi, ferry, boat, highway toll as well as education and health services are EXEMPTED from GST; and 6th: Sale, purchase and rental of residential properties as well as selected financial services are EXEMPTED from GST. Anti-Profiteering Act has been tabled to enable enforcement to make sure that businesses do not take advantage of just the fact that GST has been introduced as a reason to raise prices of goods and services indiscriminately.
Posted on: Sat, 26 Oct 2013 02:21:20 +0000