President Mohamed Nasheed has today ratified the “Goods and Services Tax Bill”, passed by the Parliament at the 34th meeting of the second term held last Monday. The bill was ratified at a special function held in Fuvahmulah under the theme, “Role of SAARC in the development of Fuvahmulah”. Following ratification, the “Goods and Services Tax Bill” has been published in the government gazette today.
The bill includes how GST is to be collected, the goods and services that are excluded from taxation, zero-rated goods and services, the duration for taxation, GST report, method of GST calculation, tax invoice, and the registration of taxable activities.
According to this bill, GST is divided into two main types; Goods and Services Tax for tourism industry and Goods and Services Tax for other sectors.
