Gst Vs Sst Malaysia Pdf

Malaysia s decision to revert to the sales and service tax sst from the goods and services tax gst will result in a higher disposable income due to relatively lower prices it will incur in. Sst rates are less transparent than the gst which had a standard 6 rate the sst rates vary from 6 or 10. Sales and service tax sst in malaysia.

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Actually the tax system is going to replace the existing good and service tax gst method.

Gst vs sst malaysia pdf. This is imposed on services as well as goods meant for domestic consumption. For the average person buying a house is hard enough plus a 6 excise tax to make it harder to buy a house. The move of scrapping the 6 gst has paved the way for the re introduction of sst 2 0 which will come into effect in 1 september 2018. This sentiment is echoed by the consumers association of subang and shah alam selanagor president datuk jacob george.

The ministry of finance mof announced that sales and service tax sst which administered by the royal malaysian customs department rmcd will come into effect in malaysia on 1 september 2018. Sales and service tax in malaysia called sst malaysia. While both gst and sst require registration for a turnover of more than 500 000 sst does not include any buying or selling of a home or property and gst is included. The newly elected government has promised to replace gst with sst making malaysia the first country in the world that reverses the path of tax reform.

Sales and services tax sst the sales tax is only imposed on the manufacturer level the service tax is imposed on consumers that are using tax services. Taxable goods manufactured imported goods. Sales tax and service tax sst framework deloitte analysis and views overview the proposed taxes are conceptually a re introduction of the sales tax and service tax that existed prior to the introduction of gst but with some changes in its scope and also its administrative and compliance aspects. Download file pdf read file.

24 08 2020 gst guide on declaration and adjustment after 1st september 2018 more 29 07 2020 guide on digital services by foreign service provider fsp more 13 07 2020 guide on refund on the acquisition of services by foreign missions and international organizations more. Most commonly known as value added tax. An example of gst vs sst calculation circulating online whose calculations may or may not be correct. What is sst malaysia.

So far there has been no conversation about the new sst and not much is known about it. Gst vs sst 2018 gsta2014 sst 2 0 gst act 2014 act 762 sales tax act 2018 act 806 service tax act 2018 act 807 tax on supply anything done for consideration tax on business transaction scope of taxation. Supply made in malaysia where the supplier belongs scope of taxation. Goods and services tax gst gst covers everyone retailers and trades.