25 September 2018

Purchasing power will improve with zero-rated GST: 1MINE

Purchasing power will improve with zero-rated GST: 1MINE
SHAH ALAM: The zero-rating of the Goods and Services Tax (GST) effective June 1, 2018 will enable people, especially middle-income earners, to regain their purchasing power and enjoy better quality of life.

Malaysian Indian Network of Entrepreneurs Association (1MINE) President Datuk S. Gopinath, who welcomed the move, said the announcement from the Finance Ministry on the zero-rating was timely as many people had to deal with spiralling living costs.

“Zero-rating GST is good and we have economist like former Bank Negara Governor Tan Sri Zeti Akhtar Aziz who said that our economy can improve without the revenue from this tax,” he told Bernama.

Gopinath said when GST was first introduced on April 1, 2015, people were given an assurance that it would eventually reduce prices and business operation costs, especially for manufacturers.

“But along the way, none of the promises materialised and people began suffering from drastic price hikes including exorbitant food prices.

“A reduction in subsidies together with the implementation of GST has made our lives miserable,” he added.


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