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For A Consumer - Is these need GST?

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For A Consumer - Is these need GST?

Post by riku1018 on Wed Mar 25, 2015 10:56 am

Hi, Smile Question

As GST is on the way, i still have many question waiting to be answer, and it seems that I can't get the answer from any way/anyone...
I hope someone can help me with below question, i hope to solve the question before GST arrived. Question

1. About the insurans, announced that medical card, etc., needed to pay GST, excluded Life Insurance, but how about Insurance for saving? This is not medical.
I have ask agent in Hong Leong bank, she say Saving Insurance is like Life Insurance, but the Prudencial agent say Saving Insurance is not like Life Insurance, so what is the real answer?

2. Is say that if you go travel, shopping over RM400, needed to pay GST, but if you stay over 72 hour, GST will no need to pay, is that true?

3. Is the Car Loan need to pay GST?

There is still many more question needed to be answer, for a consumer, i hope to know what I'm paying, i wish i could just get the answer.

Thanks & regards

riku1018

Posts : 1
Join date : 2015-03-25

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Re: For A Consumer - Is these need GST?

Post by joseph on Wed Mar 25, 2015 12:07 pm

1. About the insurans, announced that medical card, etc., needed to pay GST, excluded Life Insurance, but how about Insurance for saving? This is not medical.
The only insurance premium exempted from GST is for Life Insurance. All other insurance premiums subject to GST.

I have ask agent in Hong Leong bank, she say Saving Insurance is like Life Insurance, but the Prudencial agent say Saving Insurance is not like Life Insurance, so what is the real answer?
Saving insurance is not Life Insurance. Life Insurance must cover the policy holder's life only.

2. Is say that if you go travel, shopping over RM400, needed to pay GST, but if you stay over 72 hour, GST will no need to pay, is that true?
Yes, but depend on types of goods and certain conditions. Please refer Item 9 of the GST (Relief) Order 2014. You can download a copy of the order here:
http://gst.customs.gov.my/en/rg/SiteAssets/gst_order/pua_20141013_P.U.%20(A)%20273-perintah%20cukai%20barang%20dan%20perkhidmatan%20(pelepasan)%202014.pdf

3. Is the Car Loan need to pay GST?
No, it is an exempt supply.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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