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Gst Comparison Between Malaysia, Singapore and India

In: Business and Management

Submitted By SHAHRIL92
Words 15950
Pages 64
OVERVIEW
Overview of GST
GST (good and service tax), other words it also known as VAT (value added tax). It have implemented in many countries throughout the world. Currently there are 170 counties in the world that have implemented GST /VAT.
NO

REGION

No of country

1

ASEAN

7

2

Asia

19

3

Europe

53

4

Oceania

7

5

Africa

44

6

South Africa

11

7

Caribbean, Central and North America 19
Table 1: No of countries implement GST/VAT
Sources: Ministry of Finance

GST is a multi-stage tax system, this is due to its nature which the tax is collected based on the supply of goods and services at each of the supply chain from the supplier to the retailer stage of the distribution. Even though GST is imposed at every stage of the supply chain, but the tax element will be not become a part of the cost of the product, because the GST paid on the business inputs is claimable as input tax. Where the business will pay the GST as output tax and claim for the input tax from the customs. In addition, it does not matter how many stages where a particular goods and services goes through the supply chain because the input tax incurred at the previous stage is always deductible by the businesses at the next in the supply chain.
GST consider as a broad based consumption tax, which includes all sectors of the economy. In Malaysia the GST have been establish in a very clear manner, for example all goods and services made in Malaysia including imports supply will imposed GST. Goods and services which are categorized under zero rated supply and exempted supply will not imposed GST. This is considering as a systematic taxation system which will benefits the government and the citizens. GST ASSIGNMENT

Page 1

OVERVIEW

Moreover GST also eliminate or reduce all the weakness in the sales and service tax. Below...

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