Larry got his facts wrong. Businesses with annual revenue ()instead of "purchases") less than $1 million need not register for GST (i.e. they should not be charging GST to their customers).
As suppliers to hawkers mostly likely have annual revenue exceeding $1 million, hawkers will bear the GST...which will be passed on to consumers.
Larry also got it wrong when he said "..the poor buy only a small fraction of the necessities that are sold".
It is not the proportion of necessities consumed by the poor is irrelevant. Larry should be looking at the proportion of a poor man's ncome spent on necessities that. The latter is the correct measure of the impact of higher GST on the poor. I suspect spendings on necessities constituted a large portion of a poor man's income.
One can only eat X number of bowls of rice regardless of one's wealth!!
Larry got his facts wrong. Businesses with annual revenue ()instead of "purchases") less than $1 million need not register for GST (i.e. they should not be charging GST to their customers).
ReplyDeleteAs suppliers to hawkers mostly likely have annual revenue exceeding $1 million, hawkers will bear the GST...which will be passed on to consumers.
Larry also got it wrong when he said "..the poor buy only a small fraction of the necessities that are sold".
It is not the proportion of necessities consumed by the poor is irrelevant. Larry should be looking at the proportion of a poor man's ncome spent on necessities that. The latter is the correct measure of the impact of higher GST on the poor. I suspect spendings on necessities constituted a large portion of a poor man's income.
One can only eat X number of bowls of rice regardless of one's wealth!!
well said anon. Larry got it wrong and kin lian said take a look at Larry.
ReplyDeleteBoy , we now have a circus here.