GST At 0% Beginning June 2018
The Goods and Services Tax (GST) will be set at 0% effective June 1, 2018.
The Finance Ministry, in a statement on Wednesday, announced the current rate of 6% will be scrapped and the new adjustment will be implemented nationwide next month to goods and services in Malaysia and those imported from overseas.
However, this does not include goods and services listed in the Goods and Services Tax (Exempt Supply) Order 2014, which have already been exempted from GST.
“As such, all registered business entities have to comply with the GST rate adjustment to 0%. In the meantime, all registered businesses are still subject to all existing rules including those related to tax invoice, submission of tax return within predetermined taxable period, and claims of input tax credit.
“Businesses also have to ensure that prices of goods and services are in compliance to Price Control and Anti-Profiteering Act 2011 at all time,” said the ministry.