Two weeks for retailers to re-tag their goods
Published on: Monday, January 26, 2015
Selangor: Come April 1, when the Goods and Services Tax regime kicks in, retailers will have two weeks to re-tag their goods with the new prices.During this transition period, especially in the first few days, prices of some goods at shops, supermarkets and hypermarkets may differ slightly from what one would normally pay.An item might cost a few sen more or a few sen less per ringgit, depending on whether the GST is imposed on it.
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The Shoppers Guide, due for release next month, will give consumers an indication of prices they can expect to pay for about 500 everyday items with the GST. It will give both the pre-GST and with-GST price estimates as well as those that will stay, more or less, the same.The Customs Department has already uploaded a list of sundry goods on its portals that have the 6pc GST and those that do not.Guna Selan Marian, head of the Anti-Profiteering Unit, Enforcement Division at the Domestic Trade, Co-operatives and Consumerism Ministry, said it was an offence for shopkeepers to display the GST price before April 1."They can't do this. Consumers might end up paying the GST price before it is implemented," he said.
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He said retailers would also have to put up notices on their premises, informing customers from April 1 to 14 that not all prices displayed were inclusive of the GST.The notices will list the ministry's toll free number (1800-88-600) for consumers to call if they have complaints about retailers profiteering from the introduction of the GST.
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Last year, changes were made to the Price Control and Anti-Profiteering Act 2011.One noteworthy inclusion is the Price Control and Anti-Profiteering (Mechanism to Determine Unreasonable High Profit) (Net Profit Margin) regulation.This came into effect on Jan 1 and has a life span of 18 months.The regulation does not allow businesses to increase their "nett profit margin" from Jan 1 until June 30, 2016.He said the beefed-up enforcement unit, with 2,272 officers, would monitor prices to ensure that businesses did not use the GST to hike prices and make bigger profits.He said the National Price Council was monitoring prices of goods and the Anti-Profiteering Enforcement Unit had a list of the main suppliers and distributors of essential goods."And, they work closely with the Customs Department. A price increase will trigger an investigation," Guna warned.Stay up-to-date by following Daily Express’s Telegram channel.
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