GST: Firms can get sales tax refund until September -
Ahmad Maslan
BUKIT MERTAJAM: Companies may get refunds of sales
tax on goods held on hand until September, says
Deputy Finance Minister Datuk Ahmad Maslan.
"We are doing it so that companies don't use the
excuse of unsold stock to hike prices," he told
reporters after a briefing on the Goods and Sales
Tax (GST) here Sunday.
Ahmad said the
refunds will be given in stages, and for refunds of
below RM10,000, companies have to submit an audit
certificate from a certified accountant.
For claims exceeding RM10,000, they need to submit
an audit certificate from a licensed auditor while
the Customs Department will physically inspect the
stock if necessary to prevent false claims, he said.
Ahmad brushed aside claims that prices of goods
would rise after the GST implementation on April 1,
saying many types of items are GST-exempt and
companies that raise prices are irresponsible. |
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He said the Domestic
Trade, Cooperatives and Consumerism Ministry will take
action against those found guilty of profiteering. "I
hope businesses are responsible and help us ensure the
GST is implemented well.
"The GST system is more orderly, transparent and
effective, and will help businesses, consumers, exports,
revenue and the nation's economy, it is for a good cause
and not to make things difficult," he said.
Ahmad said 348,943 companies had registered for the GST
as of yesterday, with some 30,000 firms yet to register.
Source:::
Astro Awani , dated 08/03/2015......... |
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