Yup, but just now I found this rather recent article, saying the hike should not have a big effect to shops selling TCM, or even their consultation services, since most of them don’t have the revenue (500k per year) to require SST collection.
Their medicines are expensive not because of tax (in fact TCM is zero-rated), but due to our weak currency and lack of practitioners.
Ah I see. I wonder if it’s a lingering effect of GST. I recall many medicine shops had to close down as the GST made things too convulated for the elderly shopkeepers.
It’s easier to track the “underground economy” with GST or e-invoicing. Some shady businesses might have closed because Customs and IRB are involved in the GST system. Since we can’t touch GST now, this govt plan to introduce e-invoice in stages, which should have a similar effect.
Yup, but just now I found this rather recent article, saying the hike should not have a big effect to shops selling TCM, or even their consultation services, since most of them don’t have the revenue (500k per year) to require SST collection.
Their medicines are expensive not because of tax (in fact TCM is zero-rated), but due to our weak currency and lack of practitioners.
Ah I see. I wonder if it’s a lingering effect of GST. I recall many medicine shops had to close down as the GST made things too convulated for the elderly shopkeepers.
It’s easier to track the “underground economy” with GST or e-invoicing. Some shady businesses might have closed because Customs and IRB are involved in the GST system. Since we can’t touch GST now, this govt plan to introduce e-invoice in stages, which should have a similar effect.