Thursday, 19 October 2017, 28 Muharam 1439H Solat Time:
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GST FAQs on House & Fixed Assets Financing


1. What is GST?
Goods & Services Tax (GST) is a consumption tax based on valued-added concept. Unlike the present sales tax or service tax which is a single stage tax, GST is a multi –stage tax. GST imposed on goods and services at every production and distribution stage in the supply chain including importation of goods & services.(Source: The official Website of Malaysia Goods & Services Tax, Royal Malaysian Customs Department).
2. When is the implementation date of GST?
1 April 2015.
3. What is the rate of GST?
GST rate is 6% of the value of goods and services.
4. Is my monthly instalment/payment subject to GST?
No, monthly instalment/payment is not subject to GST.
5. Is Ta’widh (late payment penalty) subject to GST?
No, Ta’widh is not subject to GST.
6. Are repayments of financing subject to GST?
No, repayment of a financing with or without profit portion is not subject to GST.
7. Where can I view the full list of Fees and Charges that are subject to GST for HFA products?
Log on to www.bankislam.com.my to view the full list of fees and charges.

 

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