Leaping back from GST to SST

Leong (most right) and Yap during the talk

A crowd of people with curious minds flooded the lecture hall to listen to a talk titled “The Transition Pathway from Goods & Services Tax (GST) to Sales & Services Tax (SST)”. The talk was held at Sungai Long Campus on 17 August 2018. It was organised by the Centre for Extension Education with collaboration of Centre for Sustainable Development and Corporate Social Responsibility in Business and it was attended by staff, students and the public members.

The talk aimed to assist the audience in taking the leap back into SST after being in GST for more than three years. It also aimed to bring to light the importance of having a better understanding of the transition to avoid being taken advantage of, or worse, profiteering.

“Businesses are allowed to make profits but not unreasonably high [profit],” said Faculty of Accountancy and Management (FAM) Leong May Li. She also urged businesses to check whether they are profiteering so as to not breach the anti-profiteering law in Malaysia. She also shared with the audience the calculation method that will help to ascertain whether a business is profiteering or not. “Relook into business plans and comply with changes of regulations. As for consumers, this transition is good for them. However, it is equally important to be a smart consumer,” advised Leong.

FAM lecturer Yap Wai Onn shared with the audience his insights on the similar issue. In his talk, he covered the key differences between GST and SST as well as the preparation needed to embrace the SST. He also advised the audience to be attentive and observative when making transactions during the period of transition.

“Revise all existing contracts and agreements to ensure clauses allowing SST changes as an additional item on top of the price stated,” said Yap, suggesting that a re-negotiation of new and more favourable terms should be done for contracts and agreements.

Audiences trying out the calculation method