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Details Of GST Collection To Be Announced In Budget 2016

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KUALA LUMPUR – Details of the collection of the Goods and Services Tax (GST) implemented in April will be announced at the tabling of the Budget 2016 this Friday.

Deputy Finance Minister Datuk Chua Tee Yong said however, based on the Budget 2015, the government projects an estimated RM23.2 billion in collection.

“Various types of goods and services have been exempted or zero rated for the GST, which as whole, is estimated at RM3.8 billion,” he added.

He said this when replying to a question from Seremban Member of Parliament Loke Siew Fook (PKR-Seremban) in the Dewan Rakyat here today.

Chua said various assistance packages such as the BR1M costing RM4.9 million and a reduction in the individual and corporate tax rates by one per cent, had been extended to the people.

He added that the government had repaid GST input tax of RM4.5 billion to business entities.

According to Chua, the total input tax filed by companies within the 14 day working period, was rising every month and had reached 41 per cent.

“There are cases of forms being wrongly filled at present. Still, the government has not imposed compounds, as we are still in the guidance phase,” he said in answering a supplementary question from Rafizi Ramli (PKR-Pandan).

He also rejected the perception that the government did not have money to refund the claims by the companies in relation to the GST. – BERNAMA

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