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Domestic Trade Ministry Preparing Product Database To Study GST Impact
KUALA LUMPUR, July 10 (Bernama) -- The Domestic Trade, Cooperatives and Consumerism Ministry is preparing a database on 10,000 products per parliamentary constituency to study the impact of the Goods and Services Tax (GST) when it is implemented on April 1, 2015.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said based on the database, the ministry would gather information on whether there was an increase in margins or cost after the implementation of such a tax structure.
"For example, we will look at the price of says product A and its cost of production before the GST. After the implementation( of GST), we will be able to determine exactly if there is an increase in margins or cost.
"By doing this, the ministry can easily use the Price Control and Anti-Profiteering Act against persons who increase prices to reap hefty profits," he told reporters after opening the two-day National GST Conference 2014 here today.
The conference is jointly organised by Malaysian National News Agency (Bernama) and Tax Advisory and Management Services Sdn Bhd (TAMS).
On the impact of the GST on rural folks, Ahmad Husni said a study conducted showed that there would be less impact on households, especially those living in the rural areas.
"The price of zero-rated items will remain intact but some other items will go up in price. But, we have worked out some form of assistance for the people," he said.
Husni also said the additional one-off payment of RM300 under BR1M 4.0 to be made next year would be sufficient to cover any increase in cost.
On the negative perception of the people towards the implementation of GST, Ahmad Husni said he has not heard any formal or strong information to support their arguments in Parliament.
"Our political environment is so different, there will be people who will always be against the government and use emotion.
"There are claims that GST, at six per cent, will be imposed at each stage, from suppliers to manufacturers, from manufacturers to wholesalers, from wholesaler to retailers, resulting in an exhorbitant increase.
"We have said that this is a tax credit, we will return the tax at the end of the transaction," he added.
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