It’s been over a month since the Goods and Services Tax (GST) was abolished by the newly elected Pakatan Harapan government, and Malaysians definitely felt a little relieved. However, just how much did prices drop after GST was abolished? Were a lot of goods affected by this? Well, according to a recent government study, it appears that a great number of products were indeed affected!
According to the Malay Mail, a recent survey by the National Price Council under the Ministry of Domestic Trade and Consumer Affairs revealed that the average price of 72 per cent of necessities had dropped after the government abolished GST on 1st June 2018.
The goods that were affected by this abolishment experienced a drop of between 1 to 13 per cent. The survey also revealed that consumers’ main complaints since the eradication of GST were mainly about food and beverages at restaurants.
On top of that, they also reportedly found that the prices of 97 per cent of goods that were previously taxed under GST but are now zero-rated since 1st June also experienced price drops of between 0.87 per cent and 8.12 per cent.
However, about 24 per cent of consumer goods actually increased in price, with the range of increase being from 0.03 per cent for white prawns to 42.33 per cent for dried squid. According to Domestic Trade and Consumer Affairs Minister Datuk Saifuddin Nasution Ismail, most of these price increases were for fresh food that followed supply and demand (i.e. seafood and vegetables).
Well, it’s great that things have now become much cheaper since GST’s abolishment! However, we wonder how prices will be affected once the Sales and Services Tax (SST) is implemented in September!
What are your thoughts on this study’s findings? Let us know in the comments below!
LHDN Withdraws Appeal In Case To Recover RM10.3 Million In Unpaid Taxes From Najib’s Daughter
Just a couple of weeks ago, people were calling out the Inland Revenue Board (LHDN) for having no objections to...
2yo M’sian Toddler Tragically Dies After Falling From Baby Chair at a Restaurant
A 2-year-old toddler has died after he fell from a baby chair while having lunch at a restaurant in Taman...
Did Budget 2022 Actually Help M’sians? Here’s Our Breakdown of Whether It Did!
From empowering women to be their own girlbosses to helping unemployed Malaysians in the job market, Budget 2022 had the...
Aussie Woman Mistakenly Receives RM31 Million From Crypto Company, Buys a Mansion For Sister in M’sia
Imagine randomly receiving a large sum of money and not having anyone to make you give it back until months...
“If you want to hop, hop now” – Law Minister Says Anti-Party Hopping Law Will Be Enforced on 5 October
Just over 3 months ago, the anti-party hopping law bill has been passed but a date has yet to be...
KKM Will Soon Fully Own MySejahtera, To Be Used As A Public Health Management Tool
The Ministry of Health (KKM) will soon sign a contract to signify their full ownership of the MySejahtera application. Health...
Local Actor Fined RM30K For Uploading Viral Racy Scene on His Social Media Account
Months ago, local actor Zul Ariffin found himself under fire after uploading a snippet from the now-cancelled TV series, Perempuan...
M’sians Sarcastically Suggest These Places For Najib To Visit After He Requested to Visit His Constituency
Following Najib’s imprisonment, many Malaysians have been speculating about whether the former premier is receiving special treatment in jail or...
Social Stories21 hours ago
Elderly Uncle Waiting For Son-in-Law For Money Humiliated by Restaurant Owner For Not Being Able To Pay
Social Stories17 hours ago
WATCH: M’sian Students & Teachers Send Off Deceased Teacher With Sorrowful Salute
Social Stories16 hours ago
BF Shouts at HaiDiLao Waiters To Stop Singing B’day Song After Excited GF Takes Him There To Celebrate
Social Stories22 hours ago
Tutor in S’pore Gets Called “Desperate for Money” After Asking For Tuition Fee From Parent