PUTRAJAYA - The government will release a list of items that are zero-rated and exempted from the goods and services tax (GST) "at a right time" to avoid speculation, said Ministry of Finance (MOF) Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah.
"If we start releasing the list now, people will speculate and so on and we don't want speculation to take place. To avoid this, we will look at the right timing to release the list of products which are zero-rated," he said after the launch of MOF's new portal and 1Pekeliling Perbendaharaan here yesterday, which was officiated by Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah.
The 6% GST will be implemented on April 1, 2015. Irwan said the cabinet is still discussing on the exempt-list and that it still has "ample of time until April 2015".
He said the government will take stern action against those who are taking advantage of the GST to increase prices, as certain prices of products should reduce after the implementation of GST due to exemptions given.
"This is where we request the Domestic Trade, Co-operatives and Consumerism Ministry (KPDNKK) to be more stern and take action against those who are profiteering. Bring them to court and charge them. This firm action will deter them," said Irwan.
He said MOF has a committee for the implementation of GST, chaired by the second finance minister, and over two million items will be monitored.