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Goods and Services Tax

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Overview

The Goods and Services Tax (GST) is an abolished value-added tax in Malaysia. GST is levied on most transactions in the production process, but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer. The existing standard rate for GST effective from 1 April 2015 is 6%. Many domestically consumed items such as fresh foods, water and electricity are zero-rated, while some supplies such as education and health services are GST exempted. After Pakatan Harapan won the 2018 Malaysian general election, GST was reduced to 0% on 1 June 2018. The then Government of Malaysia tabled the first reading of the Bill to repeal GST in Parliament on 31 July 2018 (Dewan Rakyat). GST was replaced with the Sales Tax and Service Tax starting 1 September 2018. Background GST was scheduled to be implemented by the government during the third quarter of 2011, but the implementation was delayed until 1 April 2015. Its purpose was to replace the sales and service tax which has been used in the country for several decades. The government is seeking additional revenue to offset its budget deficit and reduce its dependence on revenue from Petronas, Malaysia's state-owned oil company. The 6% tax will replace a sales-and-service tax of between 5–15%.

From Wikipedia (CC BY-SA 4.0).

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Not who you're looking for? Others named Goods and Services Tax: value added tax in Australia · value added tax in Singapore · Hong Kong · federal tax on sale of goods and services in Canada

Overview

The Goods and Services Tax (GST) is an abolished value-added tax in Malaysia. GST is levied on most transactions in the production process, but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer. The existing standard rate for GST effective from 1 April 2015 is 6%. Many domestically consumed items such as fresh foods, water and electricity are zero-rated, while some supplies such as education and health services are GST exempted. After Pakatan Harapan won the 2018 Malaysian general election, GST was reduced to 0% on 1 June 2018. The then Government of Malaysia tabled the first reading of the Bill to repeal GST in Parliament on 31 July 2018 (Dewan Rakyat). GST was replaced with the Sales Tax and Service Tax starting 1 September 2018. Background GST was scheduled to be implemented by the government during the third quarter of 2011, but the implementation was delayed until 1 April 2015. Its purpose was to replace the sales and service tax which has been used in the country for several decades. The government is seeking additional revenue to offset its budget deficit and reduce its dependence on revenue from Petronas, Malaysia's state-owned oil company. The 6% tax will replace a sales-and-service tax of between 5–15%.

From Wikipedia (CC BY-SA 4.0).