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 GST Registration

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Artus
post Feb 25 2015, 11:45 PM

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QUOTE(hakamika @ Feb 25 2015, 11:32 PM)
i thought service charge is always 10% on food..they can't charge higher.

Anyway, let me check with malaysia kastam and confirm.. i'm not sure yet.
*
You can charge any percentage lah, 5%, 10%, 10,000% up to you, got customer or not is the problem.

You ask yourself this simple question: Is service charge an income? If it is an income, then why not subject to GST?


hakamika
post Feb 25 2015, 11:58 PM

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QUOTE(Artus @ Feb 25 2015, 11:45 PM)
You can charge any percentage lah, 5%, 10%, 10,000% up to you, got customer or not is the problem.

You ask yourself this simple question: Is service charge an income? If it is an income, then why not subject to GST?
*
Service charge should be treated as service points payable to all the operational staffs working in restaurant.
I saw some F&B company's account, they've credited service charge as liability account and fully deplete it as part of their salary payout and not subject to EPF, so they do not recognize it as income.
Artus
post Feb 26 2015, 12:02 AM

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QUOTE(hakamika @ Feb 25 2015, 11:58 PM)
Service charge should be treated as service points payable to all the operational staffs working in restaurant.
I saw some F&B company's account, they've credited service charge as liability account and fully deplete it as part of their salary payout and not subject to EPF, so they do not recognize it as income.
*
That's how you internally account for it, but to Customs, is that an income, or more accurately, is that a supply of a service? If it is a supply of a service, it is definitely taxable.


cherroy
post Feb 26 2015, 08:36 AM

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QUOTE(hakamika @ Feb 25 2015, 11:58 PM)
Service charge should be treated as service points payable to all the operational staffs working in restaurant.
I saw some F&B company's account, they've credited service charge as liability account and fully deplete it as part of their salary payout and not subject to EPF, so they do not recognize it as income.
*
Service charge is money charged on supply of service, aka the staff provide your service (to serve you foods), hence it should be GSTed as well.

As identical cutting hair, provide your a service, which is subjected to GST aka a standard rated supply.

Wan+
post Feb 26 2015, 02:19 PM

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Before 31 Dec 2014, I went to register the GST registration but the custom officer told me no need to register because my business just started and less than RM50,000 sales last year and also until now.

But........my question is........when GST started and my supplier include the GST into their products that they are supplying, so I need to pay their GST charges ???

What implication I can get? I need to raise my retail price ???

Looking forward to some experts to explain further to me.

Thank you.

cherroy
post Feb 26 2015, 02:50 PM

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QUOTE(Wan+ @ Feb 26 2015, 02:19 PM)
Before 31 Dec 2014, I went to register the GST registration but the custom officer told me no need to register because my business just started and less than RM50,000 sales last year and also until now.

But........my question is........when GST started and my supplier include the GST into their products that they are supplying, so I need to pay their GST charges ???

What implication I can get? I need to raise my retail price ???

Looking forward to some experts to explain further to me.

Thank you.
*
Yes, you need to pay and absorb the GST if you are not registered.

The option you have is to raise the price to compensate or else absorb the cost of GST.
firee818
post Feb 26 2015, 03:13 PM

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QUOTE(Wan+ @ Feb 26 2015, 02:19 PM)
Before 31 Dec 2014, I went to register the GST registration but the custom officer told me no need to register because my business just started and less than RM50,000 sales last year and also until now.

But........my question is........when GST started and my supplier include the GST into their products that they are supplying, so I need to pay their GST charges ???

What implication I can get? I need to raise my retail price ???

Looking forward to some experts to explain further to me.

Thank you.
*
I think u didn't understand the logic behind GST registered person or not GST registered person.

If u are not GST registered person, then u cannot claim input tax (the GST charge by your suppliers). i.e. That GST input tax become your cost. Subsequently, when u sell the products (purchase from the suppliers), u cannot charge them GST. That is why u need to bear that 6 % input tax as your additional cost to do the biz.

If u are GST registered person, u can claim that 6% GST input tax from the custom. When you sell these products, u need to charge them 6% GST (this is your output tax). U have to collect this 6% output tax from your customers and pay them to custom.

So, u decision is, do u want to register as a GST registered person?

If u want (although u income is below RM500k, u can voluntary to register as a GST registered person). then u need to buy GST accounting software, upgrade your computers, hiring more accounting staff and comply all the GST rules and submit the GST return once per month or quarterly. This involves increase in your biz administration costs.

If u don't want, then u don't have to hassle all that GST related rules/laws, but u can't claim your input tax!
Wan+
post Feb 26 2015, 03:15 PM

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QUOTE(cherroy @ Feb 26 2015, 02:50 PM)
Yes, you need to pay and absorb the GST if you are not registered.

The option you have is to raise the price to compensate or else absorb the cost of GST.
*
Thank you for your reply. Really appreciate it.
Artus
post Feb 26 2015, 03:17 PM

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QUOTE(firee818 @ Feb 26 2015, 03:13 PM)
I think u didn't understand the logic behind GST registered person or not GST registered person.

If u are not GST registered person, then u cannot claim input tax (the GST charge by your suppliers). i.e. That GST input tax become your cost. Subsequently, when u sell the products (purchase from the suppliers), u cannot charge them GST. That is why u need to bear that 6 % input tax as your additional  cost to do the biz.

If u are GST registered person, u can claim that  6% GST input tax from the custom. When you sell these products, u need to charge them 6% GST (this is your output tax). U have to collect this 6% output tax from your customers and pay them to custom.

So, u decision is, do u want to register as a GST registered person?

If u want (although u income is below RM500k, u can voluntary to register as a GST registered person). then u need to buy GST accounting software, upgrade your computers, hiring more accounting staff and comply all the GST rules and submit the GST return once per month or quarterly. This involves increase in your biz administration costs.

If u don't want, then u don't have to hassle all that GST related rules/laws, but u can't claim your input tax!
*
This is the beauty of GST's design - you register or don't register, gov still get to collect GST. That's why very hard to evade GST.


Wan+
post Feb 26 2015, 03:19 PM

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QUOTE(firee818 @ Feb 26 2015, 03:13 PM)
I think u didn't understand the logic behind GST registered person or not GST registered person.

If u are not GST registered person, then u cannot claim input tax (the GST charge by your suppliers). i.e. That GST input tax become your cost. Subsequently, when u sell the products (purchase from the suppliers), u cannot charge them GST. That is why u need to bear that 6 % input tax as your additional  cost to do the biz.

If u are GST registered person, u can claim that  6% GST input tax from the custom. When you sell these products, u need to charge them 6% GST (this is your output tax). U have to collect this 6% output tax from your customers and pay them to custom.

So, u decision is, do u want to register as a GST registered person?

If u want (although u income is below RM500k, u can voluntary to register as a GST registered person). then u need to buy GST accounting software, upgrade your computers, hiring more accounting staff and comply all the GST rules and submit the GST return once per month or quarterly. This involves increase in your biz administration costs.

If u don't want, then u don't have to hassle all that GST related rules/laws, but u can't claim your input tax!
*
Thank you for your reply.

Yes, I am really still blurr blurr about GST here.

But your reply really give me some input and output tax explanation and I really learn a lot from you now.

So if I want to cut cost and time about admin works, then the only choice I have is to absord the output tax at this moment because I am still in a small business range.

Thank you.

Anyway, anyone know if there is still any FREE GST course for retailers ???

Artus
post Feb 26 2015, 03:26 PM

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QUOTE(Wan+ @ Feb 26 2015, 03:19 PM)
Thank you for your reply.

Yes, I am really still blurr blurr about GST here.

But your reply really give me some input and output tax explanation and I really learn a lot from you now.

So if I want to cut cost and time about admin works, then the only choice I have is to absord the output tax at this moment because I am still in a small business range.

Thank you.

Anyway, anyone know if there is still any FREE GST course for retailers ???
*
If you only deal with retail customers, then you can choose not to register for GST if your turnover is low. But if your customers are other GST-registered businesses, then you would be forced to register for GST or else they would not buy from you anymore.


Wan+
post Feb 26 2015, 03:30 PM

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QUOTE(Artus @ Feb 26 2015, 03:26 PM)
If you only deal with retail customers, then you can choose not to register for GST if your turnover is low. But if your customers are other GST-registered businesses, then you would be forced to register for GST or else they would not buy from you anymore.
*
I see, ok, thank you for the input.

Hansel
post Feb 27 2015, 06:56 PM

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QUOTE(Wan+ @ Feb 26 2015, 03:19 PM)
Before 31 Dec 2014, I went to register the GST registration but the custom officer told me no need to register because my business just started and less than RM50,000 sales last year and also until now.

But........my question is........when GST started and my supplier include the GST into their products that they are supplying, so I need to pay their GST charges ???

What implication I can get? I need to raise my retail price ???

Looking forward to some experts to explain further to me.

Thank you.
*
You said he custom officer told you no need to register, but if you still insisted on registering, will he allow you to ?

I caught a prb here - if you are barred from registering for now, thn you will hav to sell at a 6% prmium, ie more expensive thn your competitors. I don't knw what business you are in, but if you don't hav pricing power, then you may lose out to your competitrs who are able to claim back ther input tax.
Wan+
post Feb 27 2015, 08:09 PM

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QUOTE(Hansel @ Feb 27 2015, 06:56 PM)
You said he custom officer told you no need to register, but if you still insisted on registering, will he allow you to ?

I caught a prb here - if you are barred from registering for now, thn you will hav to sell at a 6% prmium, ie more expensive thn your competitors. I don't knw what business you are in, but if you don't hav pricing power, then you may lose out to your competitrs who are able to claim back ther input tax.
*
Hi, thanks for your input.

I am selling ladies fashion shoes and children shoes, so, at this moment, I can control the retail price.

Will look into the matter to register later.

Thanks.

TStaxman
post Feb 28 2015, 09:13 AM

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QUOTE(Wan+ @ Feb 26 2015, 03:19 PM)
Thank you for your reply.

Yes, I am really still blurr blurr about GST here.

But your reply really give me some input and output tax explanation and I really learn a lot from you now.

So if I want to cut cost and time about admin works, then the only choice I have is to absord the output tax at this moment because I am still in a small business range.

Thank you.

Anyway, anyone know if there is still any FREE GST course for retailers ???
*
you can download this retailer guide to read http://gst.customs.gov.my/en/rg/Pages/rg_ig.aspx
giko
post Feb 28 2015, 12:06 PM

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@RM100-120/pax, it's a good deal should you decide to attend...
Fyi, I've no ties to this offer. For those who've attended after Mar 7, do drop us a line on this seminar. smile.gif


"Highlights
Learn about the accounting mechanism and details of the GST.
Facilitator with six years of experience in a London accounting firm.
Accounting entries are included.
Certificate of attendance will be awarded.

Choose from
Workshop for 1 person for RM120 instead of RM350
Workshop for 2 people for RM200 instead of RM700 (only RM100 per person)

Workshop outline
Lesson 1: Introduction and Concept
Lesson 2: Standard Rated Supplies
Lesson 3: Zero Rated Supplies
Lesson 4: Exempt Supplies
Lesson 5: Debit Notes, Credit Notes, and Bad Debts
Lesson 6: Apportionment Rules
Lesson 7: Special Refund
Lesson 8: Special Relief Order and 21-day Rule
Lesson 9: Blocked Input Tax
Lesson 10: UBS GST Coding
Lesson 11: Schedule of Zero Rated Goods
Lesson 12: Tax Invoice, Self-billed Invoice, and Penalties
2015 budget changes

Workshop schedule
Mar 7 / Mar 21 / Mar 28 / Apr 11, 2015 (Sat): 11am – 2pm
Mar 8 / Mar 22 / Mar 29 / Apr 12, 2015 (Sun): 3.30pm – 6.30pm"

http://www.groupon.my/deals/klang-valley-s...entre-719741023
nexona88
post Feb 28 2015, 04:40 PM

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325,279 companies registered under GST

40,000 companies have yet to register for GST

The government would not extend the date of GST registration anymore for companies following the GST implementation on April 1 and would take firm action to ensure traders did not raise prices of goods.
Aquariel
post Mar 1 2015, 09:59 AM

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ANNOUNCEMENT
The validity period of GST eVoucher is extended until 15 March 2015. SMEs which have downloaded the eVoucher are urged to redeem their eVouchers from appointed GST compliance accounting software vendors immediately.

http://gst-evoucher.smecorp.gov.my/eng/index.html
ch_kee83
post Mar 2 2015, 11:44 AM

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Hi everyone,

Another 30days to go....
Was wondering if anyone planning to apply for special refund for goods held on hand?

I was told that under the transitional rules, we are eligible to get refund on the sales tax that have been paid for the current stocks we are holding.
But we need to provide an audit certificate signed by an charted accountant of the special refund.
Anybody has done this?
How much is the accountant charging??

Pan84
post Mar 2 2015, 06:21 PM

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Hey guys, i really need advise for current situation because recently just take over family business from my parent doing grocery. So far i look back previous years sales is not over 200K. Should be ok as not compulsory category to register gst.

On january i went to SSM to terminate old account and register new account with new ssm registeration number. At the same time went for local authority to apply for transfer ownership of business licence. During the submission for the application, i was inform by the officer said that all my document was completed and they will send out the official letter WITHIN 2 WEEKS to inform me to get the licence once is done.

In my planning, February should be OK for all the licence to reach with so that i can open current account for business and also opening GST file. But unfortunately all went wrong.

Until yesterday i walk into their department, the officer said my licence is not ready until the enforcement team visit my shop. i was like wtf, already given 1.5 months still unable to issue me the local authority business licence.

Now i stuck in the middle, unable to open current account with bank. without current account, i also can not register gst file.

Now the due date for not to subjected to any legal action already over.

What so i do now?


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