How much revenue does the current GST rate generate annually?

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The Current Goods and Service Tax Rate Generates Over RM40 Billion Annually

The current Goods and Service Tax (GST) rate of 6 per cent is deemed sufficient by the government and is projected to contribute more than RM40 billion to the country's annual revenue. This assurance that the GST rate will not be increased, even after the upcoming 14th general election, has been explicitly stated by Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi. This decision is based on calculations indicating that the existing rate adequately supports national revenue needs.
Sufficient Revenue from Existing GST Rate

The government has determined that the existing 6 per cent Goods and Service Tax (GST) rate is adequate to meet its revenue targets. This rate is estimated to generate over RM40 billion annually, providing a substantial contribution to national finances. This financial sufficiency underpins the decision not to increase the GST.
Projected Increase in Oil and Gas Revenue

In addition to GST revenue, the 2018 Budget includes projections for an increased revenue stream from the oil and gas sector. The government anticipates oil and gas revenue to rise to approximately US$70 per barrel, an increase from the previous US$52 per barrel. This upward revision in oil and gas earnings is expected to further bolster government finances.
Utilisation of Oil Revenue for National Projects and Public Servants

Revenue derived from oil, specifically through Petronas' dividend, is earmarked to support various government initiatives. This income is intended to facilitate the implementation of projects outlined in the Barisan Nasional (BN) manifesto. Furthermore, it will allow the government to accommodate the recently announced annual salary increments for public servants, demonstrating a commitment to public sector welfare.
Rejection of Allegations Regarding GST Rate Increase

Datuk Seri Ahmad Zahid Hamidi has dismissed claims suggesting an impending increase in the GST rate as unfounded allegations spread by certain parties. He stated that both the Finance Ministry and Bank Negara do not perceive any necessity to raise the current GST rate. The Deputy Prime Minister asserted that the country's revenue is not only sufficient but also more than adequate to cover announced budgets and sustain national expenditure for the next five years.

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How much revenue does the current GST rate generate annually?

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