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Author Topic: GST on watches  (Read 8943 times)

Offline roystock

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GST on watches
« on: October 25, 2013, 03:41:13 PM »
The government will impose 6% GST (including watches) starting April 2015.  :-[
Start hoarding next year?  :P
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Offline Enkidu

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Re: GST on watches
« Reply #1 on: October 25, 2013, 03:49:35 PM »
I did not listen to Jibby's speech. I pray he did not also say there'll be a consumption tax on luxury goods (like watches)??
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Offline roystock

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Re: GST on watches
« Reply #2 on: October 25, 2013, 04:03:17 PM »
Quote from: Enkidu on October 25, 2013, 03:49:35 PM
I did not listen to Jibby's speech. I pray he did not also say there'll be a consumption tax on luxury goods (like watches)??

Consumption tax on everything exclude some food, house, LRT etc.
(No mentioning of watch under the exclusion list) :-\
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Offline Enkidu

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Re: GST on watches
« Reply #3 on: October 25, 2013, 04:16:54 PM »
Quote from: roystock on October 25, 2013, 04:03:17 PM
Quote from: Enkidu on October 25, 2013, 03:49:35 PM
I did not listen to Jibby's speech. I pray he did not also say there'll be a consumption tax on luxury goods (like watches)??

Consumption tax on everything exclude some food, house, LRT etc.
(No mentioning of watch under the exclusion list) :-\

Well 6% will be tough. I was fearful the government would slap additional levy on luxury items. In any case, time to hoard.... :laugh: :laugh:
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Offline Everdying

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Re: GST on watches
« Reply #4 on: October 25, 2013, 04:26:56 PM »
i would think this is basically a robin hood scenario.
they abolish sales tax, and no GST on essential items...so regular ppl wont feel it so much.
then GST on luxury stuff so govt gets more money :P
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Offline Gabriel

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Re: GST on watches
« Reply #5 on: October 25, 2013, 05:19:22 PM »
 :Mad: jialat, that equivalent buying 30k watch need to pay almost 2k GST, that good Enof to buy a tissot  :Scolding:
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Offline dennis.T

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Re: GST on watches
« Reply #6 on: October 25, 2013, 05:41:15 PM »
Tourist exempted fr gst?
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Online dpkong

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Re: GST on watches
« Reply #7 on: October 25, 2013, 07:52:41 PM »
Buy outside Malaysia  ;D

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Offline JayJay

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Re: GST on watches
« Reply #8 on: October 25, 2013, 08:09:19 PM »
buy at P St looh, no GST
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Offline Devilzzz44

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Re: GST on watches
« Reply #9 on: October 25, 2013, 08:33:40 PM »
Hopefully thw gst implementation will not be for watches..
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Offline nye79

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Re: GST on watches
« Reply #10 on: October 25, 2013, 10:00:14 PM »
I have beenting seminar on GST implementation!...conclusion - scary!!
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Offline chrisyen

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Re: GST on watches
« Reply #11 on: October 25, 2013, 10:44:10 PM »
GST apply on pre owned?
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Offline iamyourfazaaa

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Re: GST on watches
« Reply #12 on: October 25, 2013, 11:37:22 PM »
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Offline randy_yeap

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Re: GST on watches
« Reply #13 on: October 26, 2013, 09:45:17 PM »
Make the dealer discount more is the only way LOL
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Offline chrisyen

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Re: GST on watches
« Reply #14 on: October 27, 2013, 08:10:41 PM »
All shop gonna charge GST or shop with turn over higher than certain figure a yr got to charge GST?
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Offline iamyourfazaaa

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Re: GST on watches
« Reply #15 on: October 27, 2013, 08:24:19 PM »
Details not out yet, but, if we are looking at a standard GST implementation, all non essential goods and services will be taxed regardless of company revenue/turnover.
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Online dpkong

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Re: GST on watches
« Reply #16 on: October 27, 2013, 11:10:02 PM »
Quote from: iamyourfazaaa on October 25, 2013, 11:37:22 PM
Quote from: chrisyen on October 25, 2013, 10:44:10 PM
GST apply on pre owned?

Very likely.

Or they won't put it on the invoice but just include it with the sale price.
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Offline STT1987

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Re: GST on watches
« Reply #17 on: October 28, 2013, 10:58:57 AM »
Grab as much as you can, when you can before 2015!
Even if you travel overseas, unless you pay by foreign cash, our weakening ringgit will cause havoc with your wallet!
 :Startled: :Mad: :Scolding:  :thumbsdown:

My take and prediction, our local ADs are essentially screwed as far as we are concerned as the WIS and collectors will start seeking out grey dealers and 2nd hand sellers (that don't factor in GST). Those that do still buy from ADs will be the Limited Editions and special orders that are exclusive to ADs. Even then a lot of us will end up buying 2nd hand or even grey resells.

My prediction is that from 2015, the retail AD growth segment will have to be tourists that can re-claim GST. I dunno how badly this will affect them... But then if SGP can survive and thrive on 7% GST...

All IMHO and speculation on my part.
 :Blue:
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Offline hanz079

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Re: GST on watches
« Reply #18 on: October 28, 2013, 11:10:10 AM »
I agree... Next year is the D-year for getting what we want and then I predict 2015 to be a quiet year for purchases or maybe none at all...
After getting used to paying nett price and tax free watches, the implementation of GST sorts of defeats the bargain hunting and haggling fun... no matter what, we're down -6% for a start.... which sucks big time...
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Offline sidestreaker

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Re: GST on watches
« Reply #19 on: October 28, 2013, 12:22:27 PM »
Work harder, take more risk, venture more and make more money....

Cut down on mahjong, alcohol (and women) and late night supper, burn less fuel and walk/cycle more, live more sustainable lifestyle...

By then, I'm sure we can cover more than any GST they throw at us...

See, life is better already!  :P
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Offline toolkit21

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Re: GST on watches
« Reply #20 on: October 28, 2013, 04:22:25 PM »
Would GST mean even online purchases will be subjected to paying 6% before you can get hold of your watch?

That'll be really tough...
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Offline ndtaan

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Re: GST on watches
« Reply #21 on: October 28, 2013, 07:34:33 PM »
Quote from: sidestreaker on October 28, 2013, 12:22:27 PM
Work harder, take more risk, venture more and make more money....

Cut down on mahjong, alcohol (and women) and late night supper, burn less fuel and walk/cycle more, live more sustainable lifestyle...

By then, I'm sure we can cover more than any GST they throw at us...

See, life is better already!  :P

I fully agreed........only the first line.
Work hard,make more money and everything will fall into place.  :thumbsup:
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