It's All At Your Fingertips : Do all people understand about GST?

What Is GST?

GST, also known as value-added tax (VAT) in many countries, is a multi-stage consumption tax on goods and services. It is more effective, efficient, transparent and business-friendly, and could spur economic growth, as well as increase competitiveness in the global market. GST is capable of generating a more stable source of revenue for the nation because it is less susceptible to economic fluctuations.

Why GST?

GST is proposed to replace the current consumption tax such as sales tax and service tax.

Why Do We Have To Pay GST?

We need to pay tax so that the government can operate. GST is one method of collecting taxes, which works better than others.

What Will GST Be Levied Or Charged On?

GST will be levied and charged on the taxable supply of goods and services made in the course or furtherance of business in Malaysia by a taxable person. GST is also charged on the importation of goods and services. GST is to be levied and charged on the value of the supply

When Will GST Be Imposed?

GST can only be levied and charged if the business is registered under GST. A business is not liable to be registered if its annual turnover of taxable supplies does not reach the prescribed threshold. Therefore, such businesses cannot charge and collect GST on the supply of goods and services made to customers. Nevertheless, businesses can apply to be registered voluntarily.

How Many Countries Are Imposing GST/VAT?

More than 160 countries are now imposing GST/VAT worldwide.