Goods and Services Tax : Bridging the Information Gap
Tax is essential in sustaining the functioning of any government. The introductory of Goods and Services Tax (GST) in replacing the existing Sales and Services Tax (SST) has turned out to be attention-grabbing topic to all parties given that the public will be taxed in proportion to their level of spending irrespective of income hence this is definitely an issue that concerns all. GST is a comprehensive Value Added Tax (VAT) and typically branded as a broad based consumption tax given that it is levied on the supply of goods and services at each stage of the supply chain up to the retail stage of the distribution . GST, although not a fresh topic make public by Malaysia government still it is a new territory of Knowledge for majority of the silence to embark on. With inflationary pressure currently escalating, it is beyond doubt the public are responsive towards after-tax price of goods and services. Consumers are always resistant to change thus for people to accept any new form of tax, government need to make strong effort in educating and familiarizing it to the members of public on how the new tax (GST) will benefit them in the long run. The successful takeoff of GST is not toll-free as it will reduce massive preparation from all parties. Ultimately, government plays a crucial role in educating and convincing the public so as to ensure the smooth GST take off.
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