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Monday, October 13, 2014

GST-related list of items to be gazetted today

The list contains more than 900 items included in the "basket of goods".
GST freeIPOH: The list of Goods and Services Tax (GST)-related items will be gazetted by the government today, said Second Finance Minister Ahmad Husni Hanadzlah.
He said the list contained more than 900 items included in the “basket of goods”.
“We need to gazette the list early, so that traders can restructure their respective business systems when the GST is implemented in April next year,” he added
According to Husni, his ministry was also working with the Domestic Trade, Cooperatives and Consumerism Ministry to create cooperation with the consumer sector to ensure prices were not raised indiscriminately.
He said a joint monitoring body at state and national levels will be formed to oversee the issue of prices.
“To date, we have seven consumer associations and will provide them a budget to assist the public in ensuring that prices are not raised indiscriminately,” he added.
For the GST, there are products that are not subject to the tax at all levels, namely, manufacturing, wholesale and retail.
“One more GST exemption or ‘exempt supply’ is the tax at the ‘output’ stage, meaning it will not be imposed from the retailer to consumer, but at the point of ‘input’, it has to be paid,” Husni said. –Bernama

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