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GST Goes ‘Zero Per Cent’ From June 1

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KUALA LUMPUR- The Goods and Services Tax will be zero-rated effective June 1.

The Finance Ministry, announcing this in a statement today, said the change goes into effect nationwide and will remain until further notice.

Only items which are GST-exempted will not be zero-rated.

“As such, all registered traders should abide by the zero-rating directive.

“At the same time, registered traders are also subjected to all current regulations, among which involve the issuance of tax invoices, submission of tax returns within the specified period and input tax credit claims.

“Traders must also ensure that the prices of goods and services set are in accordance with the Price Control and Anti-Profiteering Act 2011,” said the ministry.- New Straits Times

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