12 February 2010

Goods and Services Tax

Everyone is talking about Goods and Services Tax as this is the new tax which will be implemented next year 2011. Many believe it is like sucking blood out of us but Finance Minister and many other tax advisors said this GST (or known as Value Added Tax) is a must in order for the country to grow!

I will let you (readers) be the judge =)

Well simply GST is a consumption tax on imported goods and on supplies of goods and services in the country.

Full story via The Star website

Today Finance Minister (II) Datuk Seri Ahmad Husni Mohamad Hanadzlah has announced 40 basic goods and services that will be exempted from the GST to a certain limit.

Here's the list:-

Basic foodstuff (rice, sugar, salt, flour, eggs, meat and chicken)
residential accommodation,
health services,
public transportation and
domestic water (first 35 cubic metres)
and electricity supply (first 200 units)

Of course if you need the full list of the 40 items, you have to wait the Government draft it out. So for now you have the rough idea of how the Government put GST in with the consideration of low-income residents.....We will see how it goes!

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