PUTRAJAYA: The full amount of RM82.9 billion requested by the Customs Department for refunds of the goods and services tax (GST) was not transferred to the specific trust fund, said Customs director-general T Subromaniam.
He said for the period between April 1, 2015 and May 31, 2018, the department had reported at the trust fund’s monthly meeting, chaired by the treasury secretary-general, that there was a need to make GST refunds amounting to RM82.9 billion.
The amount was based on the GST-03 Form, which taxpayers used to request for a refund of GST, he said.
“However, only RM63.5 billion of the GST repayment had been paid via the trust fund for the period concerned,” he said in a statement today.
Subromaniam said the department had asked for RM82.9 billion at the monthly trust fund meeting for the purpose of GST repayment for the period between April 1, 2015 and May 31, 2018, but the full amount was not transferred to the trust fund.
“Thus, on May 31, 2018, the trust fund still needed and faced a shortage to pay the arrears of RM19.4 billion in refunds,” he said.
The trust fund was created for the purpose of GST repayment under Section 54 of the Goods and Services Tax Act (2014).
All GST payments are credited into the Consolidated Fund Account and are later transferred to the trust fund to enable GST refunds to be made.