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Instances of Price Escalation Attributed to Recent GST Increase to 9% | PAPERCUTS

Instances of Price Escalation Attributed to Recent GST Increase to 9%

Debated in Parliament on 6 Feb 2024.

Summary written by AI (learn more)

Edward Chia inquired about complaints regarding price hikes linked to the GST increase to 9%, sector-wide price escalations, and potential scrutiny of competitive practices.
Gan Kim Yong stated that the Committee Against Profiteering has not observed a significant rise in complaints in January 2024 and has not received allegations of anti-competitive behaviour related to the GST hike.

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Full Transcript

Edward Chia Bing Hui

#1

Mr Edward Chia Bing Hui asked the Minister for Trade and Industry (a) whether there has been an increase in the number of complaints lodged with the Committee Against Profiteering since 1 January 2024, regarding elevated charges by companies attributing price adjustments to the recent GST hike to 9%; (b) whether the Ministry has observed any instances of price escalation occurring simultaneously among enterprises operating within similar sectors; and (c) whether the Ministry intends to scrutinise such instances for any potential breach of competitive market practices.

Gan Kim Yong

#2

The Committee Against Profiteering (CAP) reviews and investigates feedback on unjustified price increases of essential products and services that use the Goods and Services Tax (GST) increase as an excuse. The CAP has not seen a significant increase in such feedback in January 2024 and has not received allegations of anti-competitive behaviour during this period.

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Summary written by AI (learn more)

Edward Chia inquired about complaints regarding price hikes linked to the GST increase to 9%, sector-wide price escalations, and potential scrutiny of competitive practices.
Gan Kim Yong stated that the Committee Against Profiteering has not observed a significant rise in complaints in January 2024 and has not received allegations of anti-competitive behaviour related to the GST hike.

Questions identified by AI (learn more)

Questions identified

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