Malaysia introduces Goods and Services Tax (VAT) on 1st April 2015. The Standard GST Rate is 6%. However some goods and services are exempted from GST (Vaue Added Tax) such as certain agricultural products, essential foodstuffs like oil, salt, flour, eggs, fish, water, some exports and imports.
Malaysia introduces Goods and Services Tax (VAT) on 1st April 2015. The Standard GST Rate is 6%. However some goods and services are exempted from GST (Vaue Added Tax) such as certain agricultural products, essential foodstuffs like oil, salt, flour, eggs, fish, water, some exports and imports.
Since April, 2015 Malaysia's sales and services tax was replaced by Goods and Services Tax (also known as Value Added Tax) with standard rate of 6 %.
Find the VAT price and net price in Malaysia (GST % is 6) for an amount of 25000 RM
Solution :
GST % = 6
Amount = 25000
Step 1 :
GST Price = (25000 * 6 ) / 100
= 1500 RM
Step 2 :
Net Price = 25000 + 1500
= 26500 RM
Hence the VAT Price is 1500 RM and Net Price is 26500 RM
Solution :
GST % = 6
Amount = 25000
Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 6)))
= 25000 - (25000 * 0.94)
= 25000 - 23584.91
= 25000 - 23584.91
GST Price = 1415.09 RM
Step 2 :
Net Price = 25000 - 1415.09
= 23584.91 RM
Hence the VAT Price is 1415.09 RM and Net Price is 23584.91 RM
Since April, 2015 Malaysia's sales and services tax was replaced by Goods and Services Tax (also known as Value Added Tax) with standard rate of 6 %.
