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GST: Companies Can Make Claims For Stock On Which SST Paid

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ALOR SETAR – Companies which still have stock on which the Sales and Services Tax (SST) has been paid when the Goods and Services Tax (GST)is implemented on April 1, can make a claim for the difference with the Customs Department.

Deputy Finance Minister Datuk Ahmad Maslan said although the SST at 10 per cent has been paid, they can only levy the six per cent tax under the GST.

“Thus, they can forward a claim to the Customs Department for the difference together with a valid invoice,” he added.

He told reporters this after attending a briefing session on the GST and current issues here today.

Ahmad Maslan said the government had made a sizeable allocation to deal with any claims forwarded by companies concerned.

He said that companies involved in the implementation of the GST should be clear about their ability to make claims on the difference as it had already been explained to them by the authorities.

“The companies will also be given a few months to make their claims.

“I want to also state that about 50,000 companies have yet to register for the GST and face the likelihood of action, including a RM15,000 compound, if they still fail to do so.

“To date, more than 300,000 companies have registered for the GST and the understanding of the people towards the tax is also getting better, following the information campaigns via the media by the government,” he added. – BERNAMA

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