Zero-Rated GST from June 1, No More Fuel Price Yo-Yo

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Double joy – ‘no more GST’, no more weekly fuel price adjustments.

The Goods and Services Tax (GST) will be set at zero percent beginning June 1, 2018, says the Finance Ministry.

This decision does not include goods and services listed in the Goods and Services Tax (Exempt Supply) Order 2014, which remain exempted from GST.

“As such, all registered traders must follow the decision of the zero rate now. At the same time, registered businesses are still subjected to all current regulations,” said the Ministry.

Earlier, Prime Minister Tun Dr Mahathir Mohamad confirmed that he instructed the government to stop GST collection as well as impose a fixed petrol price.

“The instruction has been given, so the government will no longer collect GST.

“Whatever excess taxes collected under GST will be refunded,” he told reporters.

The ministry advised those affected to contact the Royal Malaysian Customs Department at 1 300 88 8500 or 03-7806 7200 (Custom Call Center) for further clarification.

Mahathir also told the media at Yayasan Perdana, today that the government no longer intends to continue with the weekly price adjustments for fuel prices which were imposed by the earlier Barisan Nasional government.

“No longer up and down, the present (market) rate will stay. The government will subsidise if there are insufficiencies,” he said.