On 16 February 2021, the Finance Minister delivered the Budget 2021 Statement. The Finance Minister has reaffirmed that the GST hike from 7% to 9% will not take place this year; it will be postponed to sometime between 2023 and 2025. The following are some of the GST changes that will be made within the next two years:
- GST will be applied to low-value goods imported via air or post;
- GST will be applied to Business-to-Consumer (B2C) transactions involving imported non-digital services through Overseas Vendor Registration and the Reverse Charge regimes; and
- The basis for determining the zero-rating of media space will be changed.
Source: BDO
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