How GST will affect you as STUDENTS?
Hi there, I would like to makee it as brief as possible so I don't bore you with another story on GST :)
GST, the Good and Services Tax will be implemented on 1st April 2015 onwards replacing the current Sales and Services Tax about 10% and 6% respectively.
What is GST?
- Consumers should only be taxed at 6% rate; however businesses might take this advantage to hike up prices for their goods or services.
- Some of the goods that were taxed at 10% has been replaced with the new rate of GST at 6% hence we will pay lower.
- Some prices will go increase, decrease or stay as it is.
Pic by gst.customs.gov.my
Here's a video about GST for you to get a better idea:
Here are the rates for GST that will be implemented on 1st April onwards:
Sourced from Custom Department
How GST will affect us as students.
- Prices will increase on majority of the technology from phones, laptops to computers due to the implementation of GST as it was not taxed beforehand.
- GIRLS. Prices of clothes will definitely go up so it is necessary try to spend less on clothing as well as lipsticks and nail polishes.
- Time to start eating in more and eating out less! On the bright side, fast food chains with delivery such as Dominos will still have free delivery and prices will stay the same or be even lower.
- Start bringing your own water bottle wherever you go to!
- Time to weigh in what the non-essentials are with the essentials of your everyday.
Here are the comparison in a nutshell:
Pic by https://weehingthong.files.wordpress.com/2013/10/aa39.jpg
If you would like to read more on how to save money on different things like property and such, visit http://savemoney.my/gst-in-malaysia-how-the-goods-and-services-tax-affects-you
Even if some of us think we won't get affected as much, it should be a good practice to know what we should or should not spend on, start to save and spend wisely!
What are your thoughts on GST? Tweet to us @MyYouthUnited and #MalaysiaGST!
Thoughts by Amanda Soh!