Moving Faster

Moving Faster

Monday, April 7, 2014

Fourth Story - Short Briefing about GST

Several days ago, I was attended briefing about Government Services Tax (GST). As public know, the GST was announced by our prime Minister in Parliament in budget 2014 and will be implement in April 2015. GST is a tax which its replace the existing tax. GST rate or standard rate is 6%.

For the business which recorded revenue more than RM500,000 yearly is subject to the GST, but for the people like me, it’s doesn’t matter how much your yearly income weather more than RM500,000 or less than RM500,000, its subject to pay GST directly or indirectly. Directly meaning, you pay for GST which it is state in the bill or indirectly meaning pay for the GST which included in the price have you pay for the good or service you gets.

From the briefing revealed that not every business subject to the GST. They must register with Custom and get the GST number. The businesses which have not registered with the Custom are can’t collect GST form the customer. Meaning they can’t taxing you directly when your pay for goods or service. The type of businesses are called user like us. They must pay GST to the suppliers who are registered for GST. So, how they want to counter back the amount that they pay for the GST. Of course they must to increase the price. It is different for the businesses which subject for the GST and registered with Custom. The can claim refund from the Custom the differences amount between outgoing invoices and incoming invoices the have recorded for the month.

Outgoing invoices means, how much amount that the business collected from the sales for the month and incoming invoices means how much amount of GST that the businesses pay for upon purchase the goods and service for the month. The different between output and input, will be refund by government.

For the supermarket, might be they have pursued by government to maintain the price at the time GST will be implement at 01 April 2015. So, how they want to make sure that the GST is not impact their profit. I assume starting from now, the supermarket and also the consignment supplier was increasing their price.

Yesterday, I am looking for long-sleeve at SOGO.  I am looking for the branded long-sleeve like John Master, Renoma, Crocdile, Bonia and the other brand. When I notice the price, I am very surprise and shocked. The prices are so crazy expensive beb….. Can you imagine, for the John Master, the price was started from RM100 and above? I Notice that the other brand was started from RM100 not below than that. Huh….gaji masih lagi di takuk lama, tetapi harga baju melambung.. Short of the long story, I ended my mission at Kamdar. For not wait my time, I purchase two shirt, Durban for RM59.90 and one shirt which might be a new brand. The rand was write in Italic and very difficult for me to read. That is the mistake for that particular brand because when the brand is not clear, the customer can’t remember.

Ok thank you.
  

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