PUTRAJAYA, Aug 10 – The full amount of RM82.9 billion demanded by the Royal Malaysian Customs Department (JKDM) for repayment of the Goods and Services Tax was not transferred to the Trust Fund, said Customs Director-General Datuk Seri T. Subromaniam.
He said that for the period from April 1, 2015, until May 31, 2018, the JKDM had reported in the Trust Fund Monthly Meeting chaired by the Treasury Secretary-General that the need to return the GST amounted to RM82.9 billion. The amount was based on the GST-03 Form which is to demand the repayment of GST which had been filed into he JKDM GST system by taxpayers, he said.
“However, from the need to repay the GST amounting to RM82.9 billion which had been reported, only RM63.5 billion of the GST repayment had been paid via the Trust Fund for the period concerned,” he said in a statement today.
Subromaniam stressed that JKDM had demanded RM82.9 billion from the Monthly Trust Fund Meeting for the purpose of GST repayment for the period from April 1, 2015, to May 31, 2018, but the full amount was not transferred to the Trust Fund. “Thus, on May 31, 2018, the Trust Fund still needed and faced a shortage to pay for the arrears of RM19.4 billion in terms of GST tax repayment,” he said.
The Trust Fund is a Fund created for the purpose of GST repayment under Section 54, of the Goods and Services Tax Act (2014). All GST payments are credited into the Consolidated Fund Account which is later transferred to the Trust Fund to enable GST repayment to be made. — Bernama