PUTRAJAYA: The customs department wants traders nationwide to reduce the prices of goods to correspond with the abolition of the 6% Goods and Services Tax (GST) rate, starting June 1.
Its director-general Subromaniam Tholasy said traders were also urged not to exploit the government’s intention to lower prices of goods to benefit consumers.
“Therefore, traders must ensure a drop in the prices of goods and services as the 6% GST rate would be zeroised from June 1, 2018,” he said in a statement today.
Last week, the government said it would re-introduce Sales and Services Tax (SST) to partly offset a loss of revenue following its decision to do away with the GST.
Subromaniam said all GST-registered traders had to comply with the new ruling and that the government would take steps to ensure the prices of goods and services were in compliance with the Price Control and Anti-Profiteering Act 2011.