A Goods and Services Tax (GST) in Malaysia was scheduled to be implemented by the Government. Its purpose is to replace the existing Sales and Services Tax (SST) which is not sufficient enough bring more revenues and to reduce dependence upon petroleum revenues. The Goods and Services Tax Bill 2009 was tabled for its reading at the Dewan Rakyat on 16th December 2009 but it was delayed after receiving mounting criticism.
However, it does not mean that the Government will stop lobbying from implementing the idea as depending upon existing revenue streams were not sustainable in future. On the other hand, Government should create more awareness to the public on GST as they fear the need to fork out more money from their pockets while considering rising cost of living and increasing prices. Meantime, the Government should also streamline many other things that bothers the people such as the improving the pay schemes, reducing other form of taxes and effective administration on the GST implementation.
Required:
You should prepare an essay for the following:
1. Explain about GST.
2. Why most people of Malaysia are not in favor of GST. Discuss your answers.