TRADERS must drop the price of their goods and services on June 1 and not exploit the government’s move to “zerorise” the goods and services tax, the Customs Department said today.

Customs director-general Subromaniam Tholasy said traders would need to immediately comply with the directive or face consequences under the Price Control and Anti-Profiteering Act.

“All traders who are registered to collect GST are required to set prices according to the zerorised rate,” he said in a statement today.

“Traders are required to pass the savings from lowering the GST rate from 6% to 0% on to the consumer in the form of lower prices.”

Subromaniam added the government had not yet identified a date to implement the sales and services tax, and asked traders to refer to the customs website for more information about the tax transition. – May 27, 2018.