PUTRAJAYA, May 27 – Traders nationwide are required to reduce the price of goods to correspond with the abolition of the 6% standard Goods and Services Tax (GST), starting June 1.
Customs director-general Datuk Seri Subromaniam Tholasy said traders were also urged not to exploit the government’s intention to lower prices of goods to benefit consumers.
He said the government will not implement the Sales and Service Tax (SST) on June 1, with the actual date of implementation of the tax to be announced later.
“Therefore, all traders must ensure a drop in the price of goods and services as the goods and services tax imposed at a rate of 6% would be nullified from 1 June, 2018,” he said in a statement here today.
Previously, the Finance Ministry had announced the supply of goods made within Malaysia as well as imported goods would be charged GST at zero rate, effective from 1 June.
Subromaniam said all GST-registered traders had to comply with the imposition of the zero rate. According to him, the government would take firm steps to ensure the price of goods and services were in compliance with the Price Control and Anti-Profiteering Act 2011. — Bernama