GST replaces Sales Tax which is generally @ 10% and Government Service Tax @ 6%
GST DOES NOT replaces service charge levied by hotels, restaurants, which is also at 6%. So when you dine at restaurant which states buffet dinner is at RM 70++, the first + refers to GST (used to be government service tax @ 6%) and service charge at 10%
Note the Difference!
Although both are borne by consumers, GST is collected by business operators to be paid to Customs Dept,while Service Charge is collected by business operators as part of their business income.
On how GST affects investment & financial services – below:
As you can see – the most critical products/services is the Exempt category – because one way or another there will be a transfer of the increased costs absorbed by business operators to end consumers.
Here’s some info from Customs dept recently-