No doubt the current GST debate is very 1 sided with most people against the implementation of GST. Our main concern is the uncertainty of this GST monster.
Our Finance Minister II Datuk Seri Ahmad Husni Hanadzlah said it would be a win-win situation for all as the Government would be receiving an additional RM1bil in revenue for the first year - from the current RM12bil to RM13bil. At the same time, he said businesses would save RM4.1bil in taxes and the export sector would save RM1.4bil.
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What about us? How it affect an ordinary person? From whom our government able to collect the RM1bil?
How much it will cost our government to implement and how much for the private sector to comply?
How many of our SME is ready for this POS tax collection system bearing in mind that currently quite a substantial of our family run businesses are still very much cash based.
But not all bad things will be always bad.
One thing for sure, this GST thing will create a lot of business for the Point-of-sale (POS) "cash register machine" and the computer system supplier and probably accountants.
In future, maybe the states and local authorities can tag along and add a few % onto it to circumvent the tight control of federal government on state's income.