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Thursday, May 8, 2014

GST has benefits, consumers told to spend wisely

Published: Sunday May 4, 2014 MYT 3:37:00 PM 
Updated: Sunday May 4, 2014 MYT 4:29:13 PM

IPOH: The implementation of the Goods and Services Tax (GST) next year can help to prevent money laundering and black money.

Second Finance Minister Datuk Seri Dr Ahmad Husni Hanadzlah's special assistant Ting Tai Fook (pic) said the GST was transparent and that all items paid and charged would be printed out in an invoice.

"In the current Sales and Service Tax (SST), the items paid do not show how much tax was charged for each item as the sales tax is already embedded in the sales price.

"With the GST, the printed invoice will show which items have been charged the 6% tax," he said, during a forum on GST at the Tower Regency Hotel here on Sunday. 

"We also have a programme used in the GST system that can differentiate the standard and exempted items and charge these accordingly," he said.

"We have studied the GST system implemented in about 160 countries and came up with a perfect system," he added.

Prime Minister Datuk Seri Najib Tun Razak announced that the GST would be implemented beginning April 1 next year.

Ting stressed that consumers should always need to be wise when making purchases.

"We always urged the people to spend wisely and to spend at the right time. 

"Check and compare prices, or wait for the items to have discounted price," he said.

"Whether it is buying a cup of coffee from a well-known coffee chain for about RM10, or a cup at your regular coffeeshop for about RM1.80, no one can force you to choose either one," Ting said.

"At the end of the day, it is up to the consumers to make the right decision," he added.

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