Economy

Othman: Hike in prices due to various factors, not GST

Othman: Hike in prices due to various factors, not GST”

"Correction of error in classification of goods in different tax slabs particularly under tax slab of 28% beside removing anomalies and disparities to make it a simple and good taxation system which may comply with two basic fundamentals of GST i.e widening of tax base & encouragement to voluntary compliance"- said the Confederation of All India Traders (CAIT). - The Malaysian Insight pic by Hasnoor Hussain, October 25, 2017.

He said the rising costs could be felt globally at present due to various factors and Malaysia was no exception as the country also imported food from outside and to put the blame on GST for the rising food prices was inaccurate.

"We must remember that the costs of things are not influenced exclusively by taxes but also other factors such as foreign exchange, transportation costs, distribution as well as marketing channels, among others".

Riyaaz Amlani, President of the National Restaurant Association of India told the newspaper they would have to increase the menu prices for customers as taxes on many inputs have risen - without input tax credit, the operating cost of running the restaurant will rise.

"We at the ministerial level monitor the increase in the price of goods and if there is any increase, the Barisan Nasional government compensates directly or indirectly through channels such as BR1M, or through aid to small farmers, fishermen, and so on".

Ng said what was happening was that traders took advantage of the imposition of GST by six per cent to raise prices.

Othman said this in a reply to an additional question poses by Seremban MP Anthony Loke, who asked him if the Finance Ministry had undertaken a study to see if the GST helped lower the price of goods and if it had a list of any such goods. "The system will aid in ensuring there is no backlog in the declaration (of taxes)", he said. "This goes to show that people are adapting and are better informed on how the system works", Othman said.

Until September 30, 454,609 traders were registered with the Customs Department.

Othman said the government estimated that the GST receipts would be RM40 billion this year compared to RM27.01 billion in 2015 and RM41.2 billion in 2016.



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