Friday, 11 December 2009

GST snippet

It is a very complicated taxation mechanism. To explain it would take numerous write-ups, and I might just end up confusing you even more. I received a few e-mails asking me about it and I will try my best to explain it in the simplest form possible. But I have to let you know that I am no GST expert.

Since weekend is on the way, let’s leave GST talk for next week. However, let me leave you with a teaser…

Apart from the govt, there is a group of people who is smiling in the sleep and quietly celebrating because GST is to be implemented. Who do you think this group of people is?

On a related note, I was in a consultation group with a top govt agency this morning regarding GST where a lot of P&C information was disclosed and discussed. Sorry that I can’t share with you, it’s P&C.
Anti-Zewt claimed that I was only boasting when I claimed I have access to such information and he/she knew such information too. Perhaps anti-Zewt can share what’s in that consultation… can he/she?



2 years ago…
Light Monday readMy very own encounterWhy the fortune teller failed to tell my fortune

18 comments:

"Joe" who is constantly craving said...

interesting..but then again there are alot of discussions going up with the govt agencies aren't there..

gst is a huge big mess that people try to dechiper and it ends up giving other people a bad impression..

i got faith in you la, im sure u can explain, if not come n find me ok?

Zuraida said...

hahahahah...there's an anti-zewt group?

SJ said...

GST they say 4% rite?

A smile from SJ =)

missironic said...

I didn't know got anti-zewt. Hahaha...

And I cant think who the group of ppl that are smiling bsides the government... hmmm, cud it be the vendors/sellers?

Terra Shield said...

LOL, anti-zewt. Will be looking forward to your explanation, though..

Pinknpurplelizard said...

The Anti-Zewt faction will soon arrive to blow this post to bits. XD

I cannot answer ur question, zewt. Not sure which group unless u mean those doing small businesses like hawkers (who are likely to charge gst and not submit).

Ai Shiang said...

The government needs more money huh? A blogger told me that Malaysia is imposing 4% GST. 4% is okay to me. We pay 10% in Australia and 12.5% in NZ. GST is very easy to do. It's a constant revenue for Chartered Accountants.

I also heard that things in Malaysia is already expensive by their own standard. What more 4% on top of goods and services.

MKL said...

I'm waiting for 'As Anti-Zewt As It Gets' blog, then we can see how smart someone is not in the comments, but in writing actual posts ;) It's easy to be anti-something, but try to write something on your own, buddy ;)

jun said...

I know I know, politicians! XD Gov is entity mah, politicians is people mah. U say ppl mah rite. Hehe...

can't blame for trying :P

ThomasChan said...

The group of people or rather business entities that has a larger GST paid over GST receipts is gona be the one quietly celebrating. These entities are gona get a chunk of tax refunds if i'm correct :)

ThomasChan said...

Oh yah, apart from goverments benefiting from GST, IT firms that churns out accounting softwares and of course accountants are gona rake in money from this new implemantation.

Business needs con-sultants for this new tax regime :)

Tunku Halim said...

I've had to work with GST in Australia for a few years. The rate in Oz in 10%. Although it's supposed to be simple, it adds another layer of paperwork. Accountants just love it! :) I think these are the nice people you were thinking about.

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eiling lim said...

Accountants?!!

Anti-zewt said...

Interesting to know that 45% of your followers are still not weaned off their mother's milk ie. not eligible/ registered to vote. Worshipping you? Over my dead grandmother's balls!! I just come by once in a while to be entertained by you and your bunch of infant imbecile disciples. You make it sound like your "inside" knowledge of the GST is nuclear science. Obviously you do not read widely as most of what you have posted are already in the public domain. Yes, I have some infor on the GST but I cannot disclose them yet…. P&C privilege infor like you said. Still working on it with TOP Govt agencies.

You ask "Apart from the govt, there is a group of people who is smiling in the sleep and quietly celebrating because GST is to be implemented. Who do you think this group of people is?" Jeez…which school do you come from? Even my retarded Indon maid knows that my teh tarik, roti canai and your char koay teow will go up in price with GST. And the retailers and wholesalers won't be smiling in their sleep, they will be laughing their ass off while we all get screwed. You see, businessmen have very creative ways of accounting to not report the GST they collected. Ooops…that's P&C infor. Cannot say anymore.

By the way, when are you leaving on a slow boat to Oz? Land of The Great White Spirit and Land of the Supreme Genome of Humankind. Don't wait too long, pretty.

Eeeihoh….touche!

Clare said...

People who will be smiling in their sleep is the business owners lor because they are not at the losing end. We, consumers, are at the losing end because at the end of the day, we are the ones absorbing all the GST. Sigh~

zewt said...

constantly craving joe - thanks for the confidence. i might just need your help! :)

Zuraida - dunno if there is a group but there is certainly one.

SJ - yup, 4%. back from your exams eh?

missironic - nope, they collect more, they have to remit to the govt, they wont gain anything.

Terra Shield - based on his/her explanation, nothing great. empty tin.

pinknpurplelizard - though possible, that is not easy to accomplish becos if you want to claim your input tax credit (i shall explain later), u need to be licensed and hence, remit the collected tax.

Ai Shiang - there is a reason behind this implementation besides govt needing money. the IMF is pushing for it and there are other more macro reasons, shall talk more about it.

zewt said...

MKL - nah... he/she doesnt have a blog, only know how to comment behind an anonymous nick.

jun - haha... well, i said besides them mah :)

ThomasChan - Kudos to you, 90% accurate :)

Tunku Halim - hahaha... most specifically, tax acccoutants/consultants.

eilim lim - have to be lil more specific :)

Anti-Zewt - ahh... anti-zewt is here. you're unique, cos your grangma's got balls. and i have to say your answer is wrong. dont lah call indon maid retard, you cant answer the question accurately, you might be the retard one, you'll never know. i thought you have something up your sleeve, the real stuff, but it appears that you are just an empty tin. you have been found wanting, unfortunately.

Clare - nope... though that is something we should also be aware of.