The document discusses the implementation of Goods and Services Tax (GST) in Malaysia. It provides background on GST and how it replaced the previous sales and service tax system. While there was initial opposition, GST has been largely successful in Malaysia. It has increased tax revenue collection which allows for greater government spending on public services and infrastructure development. Though it places a larger burden on lower-income groups, various exemptions have helped reduce costs of essential goods. Overall, GST acceptance has grown over time as the public better understands its role in supporting the country's economic growth.
Does Goods and Services Tax (GST) Leads to Indian Economic Development?iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Basic Features, Opportunities and Benefits of GST Implementation in IndiaArul Edison
The Goods and Services tax (GST) is an indirect tax. It is levied at every stage of the production and distribution of products. It is actually changes on the final consumption of the products. It includes excise duty, custom duty; Services tax and Value add tax (VAT). The GST is a VAT to be implemented in India. The decision on which is not yet declared by Government and the framing of rules are under process. Several countries implemented this tax system followed by France, the first country introduced GST. Goods and service tax is a new story of VAT which gives a widespread setoff for input tax credit and subsuming many indirect taxes from state and national level. Presently around 140 countries have adopted the GST pattern, including India. The GST would be beneficial for the consumers as it reduces the final burden of taxation. Therefore, the researchers have discussed the possible salient features, opportunities and benefits of GST implemented.
This presentation covers a multidimensional view on impact and effect of GST on industry, economy, assessee, department and Government. An attempt is made to give justice to the multidimensional view of how things work in the industry and the future of GST impact on these stakeholders.
Does Goods and Services Tax (GST) Leads to Indian Economic Development?iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Basic Features, Opportunities and Benefits of GST Implementation in IndiaArul Edison
The Goods and Services tax (GST) is an indirect tax. It is levied at every stage of the production and distribution of products. It is actually changes on the final consumption of the products. It includes excise duty, custom duty; Services tax and Value add tax (VAT). The GST is a VAT to be implemented in India. The decision on which is not yet declared by Government and the framing of rules are under process. Several countries implemented this tax system followed by France, the first country introduced GST. Goods and service tax is a new story of VAT which gives a widespread setoff for input tax credit and subsuming many indirect taxes from state and national level. Presently around 140 countries have adopted the GST pattern, including India. The GST would be beneficial for the consumers as it reduces the final burden of taxation. Therefore, the researchers have discussed the possible salient features, opportunities and benefits of GST implemented.
This presentation covers a multidimensional view on impact and effect of GST on industry, economy, assessee, department and Government. An attempt is made to give justice to the multidimensional view of how things work in the industry and the future of GST impact on these stakeholders.
Get GST Registration online in 1-3 working days in Bangalore with the help of Earnlogic such as GST Registration, GST Return Filing, Affordable Cost, Call Today"
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
Tax Policy Reforms with focus on VAT & GST in India - JenaChidananda Jena
Updated 80 slides training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as introduction keeping overarching taxation guides in background. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
GST (Goods and Service Tax) is going to transform the fundamentals of doing business in India in terms of speed, ease and competitiveness.
The present Government is leaving no stone unturned to make it a reality from 1st April’2016. In all probability, GST Bill is expected to be passed in the Budget session of 2015.
In this backdrop, we thought of compiling the basic tenets of GST and it’s present status.
Hope you will find it useful.
Share among your professional colleagues and friends to spread the awareness.
Get GST Registration online in 1-3 working days in Bangalore with the help of Earnlogic such as GST Registration, GST Return Filing, Affordable Cost, Call Today"
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
Tax Policy Reforms with focus on VAT & GST in India - JenaChidananda Jena
Updated 80 slides training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as introduction keeping overarching taxation guides in background. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
GST (Goods and Service Tax) is going to transform the fundamentals of doing business in India in terms of speed, ease and competitiveness.
The present Government is leaving no stone unturned to make it a reality from 1st April’2016. In all probability, GST Bill is expected to be passed in the Budget session of 2015.
In this backdrop, we thought of compiling the basic tenets of GST and it’s present status.
Hope you will find it useful.
Share among your professional colleagues and friends to spread the awareness.
Download the guide to help you register as a GST Company and shows you the step-by-step you need to do. The slides also contain step-by-step eVoucher Registration to show you how to register for GST e-Voucher and get subsidized for your purchase of GST-Compliant accounting software!
You can also use the GST eVoucher to get OfficeCentral for FREE*. Go to http://www.OfficeCentral.com.my to know more about OfficeCentral.
Malaysia GST Implementation plan for CompanyBen LAI
The owner of this Slide will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses or damages from the display or use of this information.
An introduction to Good & Services Tax (GST) in Malaysia such
-Scope of tax
-GST mechanism
-Dfination of taxable person
-Types of supply
-GST registration
-Place, time & value of supply
-Types of registration
-Tax invoice, debit note & credit note
-Bad debt relief
Basic Concept of Goods and Services Tax (CGST,SGST,IGST,Levy and Exemption)GST Law India
Find out the detailed explanation of the basic concept and overview of CGST, SGST, IGST under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
It is vital for businesses to identify the GST risks that may impact daily operations.
Grant Thornton Malaysia can provide GST Health Check Services that will accord you with guidance and assistance to identify the GST risks and subsequently your business can prepare remedial measures to mitigate the GST risks.
What is GST and when is it effective in Malaysia?
A multi-stage tax collected at all stages of production.
A tax ultimately borne by the consumer.
Overcomes cascading along the supply chain.
A tax that creates churn, because of its multi-staged nature.
Malaysia's new 6 per cent GST commences from Wednesday 1 April 2015, replacing the current sales and services taxes (SST). Registrations are due by Wednesday 31 December 2014.
So register your BUSINESS with the Malaysia Customs by 30 December 2014
OfficeCentral is an online enterprise management solution specially designed for SMEs. Comprised of HRMS, Payroll, Accounting, CRM and POS. Accessible from anywhere, anytime.
For more information go to http://www.OfficeCentralCloud.com
To signup for a free trial: http://www.OfficeCentral.com.my
Hi everyone,
This is a summary slides that summarizes the GST implementation in Malaysia for SMEs.
If you are interested to know more, please feel free to visit our website at http://www.OfficeCentralCloud.com. Or sign up for a free trial for OfficeCentral, your All-In-One GST-Compliant enterprise management system specially designed for SMEs here: http://www.OfficeCentral.com.my.
Thank you!
GST came to India as a medicine that would treat taxable diseases at one go. It was described by economists as the biggest economic reform after independence. Till the year 2017 indirect tax structure in India was a complex mixture of central taxes and state taxes, here different types of taxes were levied at different stages, which made the tax structure difficult and most of the taxes were not adjusted for this system tax. Increases effect such as taxes on taxes that increase the value of products and services. This economic reform is extremely essential for an emerging economic power like India. Impact of The last deputy speaker from the government, the government and the economy will present its influence in both positive and negative forms. This research of mine will throw light on the study of these two sides. Dr. Sumit Trivedi "Impact of GST on Different Classes" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42333.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42333/impact-of-gst-on-different-classes/dr-sumit-trivedi
One of the best job portals for those interested in accounting & finance jobs. SpotGiraffe website gives job-seekers a number of opportunities in the finance sector. Applying with SpotGiraffe makes it easier for candidates to find the latest listing and accounting job openings and to apply for them accordingly.
One of the best job portals for those interested in accounting & finance jobs. SpotGiraffe website gives job-seekers a number of opportunities in the finance sector. Applying with SpotGiraffe makes it easier for candidates to find the latest listing and accounting job openings and to apply for them accordingly.
Determinants of Tax Compliances among SMEs in Mwanza RegionAI Publications
This study was conducted to analyze determinants of Tax Compliances among Small and Medium Enterprises (SMEs) in Mwanza region: A case study was at Buswelu ward in Ilemela district. The specific objectives were to assess the impact of taxpayers’ attitude on tax compliance, to assess the effect of tax education, the effect of tax rate and the effect of tax penalties on tax compliance. The study employed quantitative research approach, the study targets Small and Medium Enterprises (SMES) taxpayers, sample size was 175 among populace size 322 who were selected random at Buswelu ward. Data collected through questionnaires and analyzed through SPPS system version 20 were used in the analysis of the data collected. The study finding shows that tax payers perceived that there is no fairness in tax estimation and they do not trust that their tax contributions are used properly by the government. Also finding shows that tax education provides awareness to tax payers on the importance of paying tax, provides information to tax payers about guidelines and laws related to tax payments and services results into higher compliance levels, thus more of funds through revenue collection. This study concludes that tax payer’s attitude, tax education and tax rate are the significant predictors of tax compliance. Tax compliance can be improved if tax payers have positive attitude towards paying tax; perceptions that there is fairness in tax administration, The study recommends that the government should ensure equity in government spending, to ensure fairness in tax rate estimation, to ensure transparency and overcome the problem of corruptions and misuse of fund, also the study emphasized in provide education to tax payers through different means through trainings, seminars, workshops and programs through radio, television and social media, because it increases awareness of tax payers on tax payments. This brought trust to the government which in turn contributed in creating positive attitude of taxpayers to comply with tax filing, reporting and payments.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
1. 1.0 Introduction
In many developed countries, the application of Goods and Services Tax (GST) or
known as Value Added Tax (VAT) in some countries has been implemented in so many
years especially in Europe countries. The beginning of GST is made to replace the
government service tax and sales and service tax in enhancing and standardized the collection
of tax in a country.
Before the application of GST in Malaysia, the existence tax that we used in
collecting the revenue is one of that is sales and service tax which introduced in 1972 and
1975. The rate for the sales tax is 5% - 10% and for the service tax is 6% for specific credit
card which is counted as separated. It is means some of the goods and product does have the
taxes such as foods, drinks, furniture and etc which has non-fixed tax rate compared to the
GST. Furthermore, the sellers or providers can implies the tax as they like during the sales
and services tax.
Meanwhile the implementation of GST in Malaysia has been effectively started in
April 2015 during the announcement of Budget 2014 which has been announced by the
government at the rate of 6% and this tax will be replaced the sales and service tax. The
objectives of the implementation are to improve the tax collection in Malaysia which is
introduced more systematic tax collection in the country compared to previous one. Basically
the GST is a wide and based on the value-added concept, and the tax is more to broad based
tax consumption. In other hand, through GST, the tax burden bear by the consumers during
the purchase. The company or firm does not pay a tax since the tax borne by the consumers
and the firm after they registered they can claim from the government the input tax credit in
compensate against the GST levied towards the goods and services which supplied to the
customers.
As the GST applied the tax burden towards the customers, the business or firm does
not to borne the tax and the company can claim and because of that, it is one of the reason to
attract the sellers in registering the GST through Customs Department of Malaysia. Besides,
the government can reduce the cases of tax avoidance among the business or company in the
country. The outcome from the GST through the collection will help the government in
increased the allocation in term of development expenditures such as schools, hospitals,
2. public transport and many more. What is the concern is the distribution of national income
towards the citizens.
2.0 History of GST
Since the previous tax applied which is known as sales and services tax benefits the
producers and firms not the government, the implementation of the GST started effectively in
April 2015 has arise some issues among the citizens either the new introduction of tax
imposed to the citizens are affordable or it is a burden to the peoples.
The argument regarding the new tax is popular among the citizens at that time
including the opposition parties which some of them agree and some not involving the
professionals, academics and the peoples of course on how GST influence the price to
decrease or increase. For the information GST was been introduced in 1950’s in France and
has been adopted in various more than 120 countries including the European countries. The
application of GST involving a multi stages compared to the sales and service tax which
related to the one stage only. According to the Rozlan (2015), in 1983, the Malaysian
government has sends a research team to South Korea to study the potential of GST in
implementing the sustainable, broad based consumption tax system. The next step taken by
the government, on 21st October 1988, the Minister of Finance during that time Tun Daim
Zainuddin told the citizens that the government considering implementing the GST.
The announcement of GST in the early phase has been announced by the Dato’ Seri
Anwar Ibrahim, the Minister of Finance on 30 October 1992, however later on it was been
postponed. For the next few years, the government once more try to bring back the GST in
the country through the budget announcement on 10th September 2004, made by the Tun
Abdullah Haji Badawi, Prime Minister during that time announces for the 2005 Malaysian
budget which would become effectively by 1 January 2007. Later on it was deferred in 2006
to give a time to the business and company to adapt the changes and preparing the documents
and information to their staffs in handling the GST and the government agency especially
Customs department needs to preparing themselves in managing the transaction and the
documentation involving many company that need to be registered and in claiming the tax.
Meanwhile around the world, as at 2013, there are 160 countries that already changes
to the GST, in ASEAN countries involved 7 countries, ASIA 19, Europe 53, Oceania 7,
3. Africa 44, South America 11, Caribbean, Central and North America 19. In comparing the
with the ASEAN countries the highest rate of tax rate is Philippines which is 12% and
Malaysia has the lowest tax rate 6%.
Country Year of
Implementation
Initial Rate % Current Rate
Indonesia 1984 10 10
Thailand 1992 7 7
Singapore 1994 3 7
Filipina 1998 10 12
Cambodia 1999 10 10
Vietnam 1999 10 10
Laos 2009 10 10
Malaysia 2015 6 6
Figure 1.0: The tax rate among the ASEAN Countries.
The table above shows that the tax rate among the ASEAN Countries which stated
that the Philippines increased their tax rate to the 12% compared in early imposed of the GST
as 10%. The other neighbourhood countries like Indonesia, Cambodia, Vietnam and Laos
records the same tax rate. In the other hand, the Singapore has increased their rate from 3% to
the 7% and Thailand still remains their tax rate.
Based on the blueprint of GST, there are some products that considered as zero rated,
such as agriculture product in supporting the local farmers, livestock supplies, fish,
crab,oyster , water usage to domestic users, rice, flour, salt , sugar, cooking oil, poultry and
eggs , exported goods and services and first 300 units of electricity. This exemption is made
by the government in reduce the cost for the citizens in their daily life to keep survive. It is
one of the approaches taken by the government in helping the peoples to improve their
standard of living and increase their economy. Even though it is not much, but it is does help
the poor people especially in rural areas and urban areas.
4. 3.0 Analysis of GST in Malaysia
3.1.0 Impact towards low income households.
The proposed GST that implemented in Malaysia is a regressive tax (Kim Hwa & Qi,
2013). It is means it will impose a small burden towards who are richer. Furthermore, it is
expected that the lower income earners pay more GST as compared to the higher income
earner. It is possible for the government in reducing the tax for the low income people.
The GST implementation may raise issues towards the social mobility for households
(Zhou et al., 2013). Practically, low- income households spend more on essential items like
the foods and etc. In the globalization era, every transaction required a technology, without
proper or sufficient money and saving it would cause people to left behind. Moreover
insufficient savings, the low income household may facing a huge difficulties in managing
their daily life especially involving the education and information technology. In the other
side, the implementation of GST will benefited the wealthier people because they have a
saving and spend less compared to the lower income groups (Zhou et al., 2013). A study
conducted by Palil & Ibrahim (2011), stated that the low- income group are actually concern
and worried about the GST will increase the prices of goods in future and of course it would
increase the living cost. However the existence of Zakat does help the low income groups in
facing the living cost and there are some aids that given by the government in helping them to
live in a good environment.
3.1.1 The outcome of GST in Malaysia
In implies of the GST in any countries it is not easy as we seen, requiring a lot of
discipline and determination among the government, businesses and the citizens and most
difficult reforms a government undertakes.
Furthermore it is related to the collection of money, claims from the businesses and
etc. The GST itself really requires high skills and determines the desire of policymakers and
politicians (Alex, 2016). In comparing with a country like New Zealand which were been
applied the GST since 1986. The country has going through updates time to time and it is
accepted as the cornerstones of the economic growth. Besides, the implementation of GST in
Australia has struggled to modernise their tax system in boost up the economic growth in
gaining more revenue. Meanwhile in Malaysia, we can say the implementation of GST in our
5. country can be counted as a success due to the efforts by the government in promoting GST
and enhancing the tax collection.
Even though there are some flaws which related to the velocity at which many
businesses are not readily preparing for GST and the short period that given by the Royal
Malaysian Customs had for implementation. Nevertheless, with the high encouragement and
supports from the Customs, the businesses are success in adapting to the new rules and
regulations and processes. Moreover, the collection from GST which is well ahead of
forecasts. The revenue collection for 2015 is RM 50 billion since the introduction of GST
compared to the RM 37 billion collected in 2014 collected in 2014 without GST. The
government gains more revenue with the existence of GST and through that more
development expenditures can be allocated and many facilities can be developed in
improving the standard of living among citizens especially for the low-income group.
In addition, the economy has expanded by 5 % for the last year and was slightly ahead
comparing to the forecasted growth rate of 4.9 % (Alex, 2016). In term of businesses aspects,
some of them view the GST as a new dimension and change and transition can be a challenge
to the company or organisation. Besides, based on the recent survey covers in Malaysia and
across Asia Pacific shows the business confidence in Malaysia is strong. With the 70 % of
respondents said they will grow more and increase their sales and productivity. Due to the
results it is shows a 10 percentage of increase for last year surveys.
As time passes by, the system of tax collection will be more systematic, the linking
between government agencies and businesses become more reliable and more participation
among company and firms in registering the GST for their own benefits. Higher revenue
collection made by the government more spending can be allocated towards the citizens. As
development and facilities are well equipped in the country it would contribute to the
tremendous economic growth for the country because of the people are in stable economic
condition and at the same time generate more income.
6. 4.0 Conclusion
In a nutshell, in the early beginning of the introduction of GST in Malaysia, there are
some arguments either the implementation of the GST will bring a success towards the nation
or just a some bad ideas that will contribute negative impact to the country and specifically
towards the economic performance and growth.
The involvement of the businesses and firms and supports from the Royal Customs of
Malaysia in making sure the implementation of GST has aligned with the objectives and
targets from the governments. Without the supports from the businesses and commitment
from the customs and other government agencies in promoting the benefits of GST in long
term it would lead to the failure. Even though there are some objection from several parties
and society, the GST implementation has been success being implemented in our country.
After the tax collections become more effective and efficient it would be as a one of the
major revenue for the government.
In term of acceptance by the public, time by time the citizens can accepted the
implementation of GST even though in the early phase of implementation some of them have
opposed the implementation of the tax. Later on, with the right promotion and road tour by
minister and ministry in giving a clear pictures to the people, they can accepts the
implementation and supports the new tax in helping to generate more income for the
government. With the right promotion and information, it would increase the support from
the citizens towards the implementation. The government need to come out with the fresh
idea in giving a clear pictures to the peoples such as a graphic information to the youths as a
new generation that are also will contribute to the national income in future. Besides, the
information to the rural areas are also need to be distributed so that they will get a clear
understanding regarding what the GST is all about.
Last but not least, the government should convince that GST will not increase the
good prices significantly. In this situation the government needs to wisely brief to the public
in term of pricing, how the price is increase and even though the prices need to be increased
the government should come out with the good ideas and alternatives in reducing the cost or
at least reduce the burden for the lower and middle income earners like reduce the income tax
rate.