BUKIT MERTAJAM: Companies may get refunds of sales tax on goods held on hand until September, says Deputy Finance Minister Datuk Ahmad Maslan.
“We are doing it so that companies don’t use the excuse of unsold stock to hike prices,” he told reporters after a briefing on the Goods and Sales Tax (GST) here.
Ahmad said the refunds will be given in stages, and for refunds of below RM10,000, companies have to submit an audit certificate from a certified accountant.
For claims exceeding RM10,000, they need to submit an audit certificate from a licensed auditor while the Customs Department will physically inspect the stock if necessary to prevent false claims, he said.
Ahmad brushed aside claims that prices of goods would rise after the GST implementation on April 1, saying many types of items are GST-exempt and companies that raise prices are irresponsible.
He said the Domestic Trade, Cooperatives and Consumerism Ministry will take action against those found guilty of profiteering.
“I hope businesses are responsible and help us ensure the GST is implemented well. The GST system is more orderly, transparent and effective, and will help businesses, consumers, exports, revenue and the nation’s economy, it is for a good cause and not to make things difficult,” he said. — Bernama