Data bank on pricing to be created when GST implemented
PARLIAMENT A data bank will be created to collect information on pricing of goods and services to prevent profiteering when the the Goods and Services Tax (GST) is implemented in 2015, the Dewan Rakyat was told today.
PARLIAMENT A data bank will be created to collect information on pricing of goods and services to prevent profiteering when the the Goods and Services Tax (GST) is implemented in 2015, the Dewan Rakyat was told today.
Domestic Trade, Cooperatives and Consumerism Minister Hasan Malek said the data bank would be helpful to the government to go after the culprits.
The data bank would complement existing laws like the Price Control Act and Anti-Profiteering Act towards ensuring there was no abuse of the GST, he said when winding up debate on the Supply Bill 2014 for his ministry.
He added that roadshows were being carried out to explain the need for the GST which will replace sales tax and service tax.
The GST rate has been set at six per cent.
- Bernama
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