Hot Topic : Goods & Services Tax (GST)

GST.....What is a GST actually?? GST is a short form from words 'Goods and Services Tax'. It also can be known as a multi-stage consumption tax on goods and services. This kind of tax covering all sectors of the economy including export and import activities except goods and services which are categorized under zero rated supply and exempt supply orders. 

Based on the figure at above, each level of supply chain will be imposed for 6% of GST. This tax does not become part of the cost of product because GST paid on the business inputs is claimable. For those who are not registered for GST, they are not entitled to claim back the amount of GST from government and not entitled to charge 6% of GST on consumer. 

from website http://www.gst.com.my/what-is-gst-goods-and-services-tax.html