We might all be anticipating exiting the pandemic situation next year, but we sure aren’t excited for the 1% increase in the Goods and Service Tax (GST).
However, we have some good news for you before the soon-to-come price increase.
Committee Against Profiteering
If your neighbourhood food prices start to increase by a tad too much, and the claim is due to the GST increase, you can now report it to the Committee Against Profiteering (CAP).
What does the CAP do?
Well, according to its Chairman, Ms Low Yen Ling, the CAP’s role is to review and investigate feedback on unjustified price increases of essential products and services that use the GST increase as an excuse.
Yes, that means your local aunty cannot overcharge you for the same portion of cai fan and say it’s because of GST increase.
The CAP’s focus will be on common food items consumed by Singaporean households, meals from hawker centres and coffee shops, as well as essential household products.
Takes Feedback Seriously
The CAP takes all feedback on any suspected profiteering from the GST increase seriously. Businesses must not mislead consumers by misrepresenting the reasons for their price increase.
The Committee will work closely with the Consumers Association of Singapore (CASE), industry associations and grassroots organisations to safeguard consumers’ interest against businesses using the GST increase as a cover for higher prices.
If the feedback is found to be true, the CAP may make public the names of such errant businesses. Wah, so serious ah.
Will Also Support Businesses
Ms Low also acknowledged that most businesses are “honest and transparent in their pricing”.
“Many have even gone out of their way to support the needy. I want to assure such businesses that they have nothing to worry about,” she added.
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The rise in GST does not just affect consumers but also businesses, especially in the current global climate of inflation.
Ms Low ensured that the Government will continue to extend support to businesses as they adapt and transform.
Where there is a need to raise prices, businesses must be able to explain the reasons for the increase.
How to Provide Feedback
From 1 April 2022, you can use the CAP website to provide feedback on any unjustified price increase of essential products and services that use the GST increase as a cover.
Details of the business, as well as the specific product and price increase will be needed.
Those who are less e-savvy can provide their feedback via the CAP hotline or at any Community Centre.
The CAP ensured that it will make every effort to review and evaluate the feedback it receives.
CAP Members
Forming the committee is:
- Ms Low Yen Ling, Minister of State for Trade and Industry
- Mr R. Dhinakaran, president of the Singapore Retailers Association and former Nominated Member of Parliament
- Mr Hong Poh Hin, vice-chairman of the Foochow Coffee Restaurant and Bar Merchants Association
- Mr Andrew Kwan, president of the Restaurant Association of Singapore
- Mr Lam Yi Young, CEO of the Singapore Business Federation
- Mr Lim Hock Chee, CEO of the Sheng Siong Group
- Mr Loh Wee Lee, CEO of Lazada Singapore
- Ms Hazel Poa, Non-Constituency Member of Parliament
- Mr Seah Kian Peng, group CEO of FairPrice Group and an MP for Marine Parade GRC
- Madam Amatul Jameel Suhani, chairman of the People’s Association Malay Activity Executive Committees Council
- Mr David Tan, president of the Singapore Food Manufacturers’ Association
- Mr Yeo Hiang Meng, president of the Federation of Merchants’ Associations, Singapore
- Mr Melvin Yong, MP for Radin Mas and president of the Consumers Association of Singapore
The committee maintains that it is committed to keeping prices of essential goods and services free of any GST profiteering.
So if you come across any unjustified price increase, you can report it to the CAP. But remember that businesses need to survive too, so don’t anyhow report them lah.
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Featured Image: Facebook (Low Yen Ling)
