Will the price of goods be lower with SST?
These are some of the most frequently asked questions by consumers because they are concerned about traders’ actions to raise prices for goods.
To date, the government has announced that 38% of consumer goods ‘CPI’ is subject to SST compared to GST involving 60% of goods.
CPI refers to goods and services that consumers will buy and pay for.
It is based on the findings of the Department of Statistics’ Review of Spend, Income and Household, Income and Expenditure.
Among the 5% SST items included are fresh foods such as meat (camels, rabbits), seafood, vegetables and fruits, processed meats and dried foods.
While a 10% rate applies to cigarettes, cosmetics, drinks and sugar.
The following are SST excluded items (0%):
- fresh fish,
- vermicelli and yellow noodles,
- chicken and duck eggs,
- individual health insurance,
- and baby formula milk.
For more information about SST Accounting Services Malaysia, please visit https://www.rsmmalaysia-outsourcing.com/