KUALA LUMPUR: Minimal drop in the prices of goods is the reason why people are not feeling the impact of the zero-rated Goods and Services Tax (GST), introduced since June 1.
Domestic Trade and Consumer Affairs Minister Datuk Saifuddin Nasution Ismail said consumer goods' prices appeared stagnant because the drop was only between 0.04 to 13 per cent.
This was based on the findings of a survey, conducted over 35 days from June 1, covering 417 items used by consumers, among others, wet and dry items as well as infant essential items.
"In fact, there is no increase in prices. The price drop is too small that it hardly reached reached 30 to 40 per cent." said Saifuddin.
The minister, who is also Kulim Bandar Baharu MP told Bernama this after appearing as a guest on the Ruang Bicara talk show, produced by Bernama News Channel last night.
He was responding to queries from former minister Tan Sri Rais Yatim and several consumer groups that there have been no change in the prices of goods since the introduction of zero-rated GST.
He said so far the price drop could be felt at fast food joints but not so at Indian Muslim restaurants.
Saifuddin said he plans to display a sample of the prices of goods that had been surveyed by officers directly into the ministry’s website.
“We can perhaps create a link for the people to access directly and see for themselves the results of our survey.” he added. -- BERNAMA
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