PUTRAJAYA — Aug. 10, 2018: Customs today declared that the full amount of RM82.9 billion it demanded to refund the Goods and Services Tax payments was not transferred to the trust fund.
Its Director-General Datuk Seri T. Subromaniam stated today that for the period between April 1, 2015, and last May 31, the department had to the trust fund monthly meeting chaired by the Treasury secretary-general that the amount to be refunded was RM82.9 billion.
This was based on the GST-03 Form filed by tax payers.
According to Subromaniam’s statement, only RM63.5 billion was moved to the trust fund. Therefore, by May 31 the trust fund faced a shortage of RM19.4.
The trust fund was created for the purpose of GST repayments under Section 54 of the Goods and Services Tax Act.
All GST payments were credited into the consolidated fund account and later transferred to the trust fund to enable refunds to be made. — Bernama