Wholesale and retail sector is expected to grow despite GST

The wholesale and retail sector is expected to grow this year despite the implementation of Goods and Services Tax (GST), said Minister in the Prime Minister's Department, Datuk Seri Abdul Wahid Omar.

Abdul Wahid said the stronger contribution from the sector would be supported by the expected higher tourist arrivals as well as continued demand from the locals.

"Total sales for the sector in 2014 rose to RM951.2 billion from RM881 million in 2013.

"The country's gross domestic product increased by six per cent compared with 4.7 per cent a year before," he said.

He said this after officiating the National Retail Symposium here today.

Abdul Wahid said the increase in the wholesale and retail sector was a good sign.

"This showed that the sector has achieved the Gross National Income target of RM156 billion and to create 454,190 new jobs by 2020," he said.

He said the implementation of GST was complicated by the lack of technical knowledge by consumers and traders.

"The government has given ample time for the GST implementation by organising training and awareness programmes and making advisory visits," he said.

Abdul Wahid said as at first week of April 2015, 364,862 companies had registered for GST.

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