Goods and Services Tax (GST) is a multi-stage consumption tax on goods and services whereby each point of supply in a production chain is potentially taxable up to the retail stage of distribution. At the same time suppliers are entitled to refunds of GST incurred on business inputs. The basic fundamental of GST Malaysia is its self-policing features which allow the businesses to claim their Input tax credit by way of automatic deduction in their accounting system.
For Gst implementation, it will be affected most of the Companies for doing their business. It is crucial that you registered GST before 31st December, 2013 in order to achieve the RM1,000 e-voucher incentive.
1. You are required to REGISTER your business with Jabatan Kastam Diraja Malaysia for GST purpose:
Mandatory registration for GST if annual taxable turnover of your business is more than RM500,000.00
(registration before the end of December 2014)
Voluntary registration for GST if annual taxable turnover of your business is less than RM500,000.00
Early registration start from May 2014
2. Is your SYSTEM well equipped with GST features?
Compulsory for the business owners to have an accounting system which is equipped with the GST features
i.e. able to map items to the tax codes provided by Jabatan Kastam Diraja Malaysia
i.e. able to captured input tax and output tax automatically
i.e. print out automatically filled forms for GST returns submission
i.e. generate proper GST Audit File (GAF) for submission and etc.
3. You need to SUBMIT the GST returns:
Business which annual turnover exceeding RM 5 million, you are required to do monthly submission of GST return
Business which annual turnover not more than RM 5 million, you are required to do quarterly submission of GST return
For registration part, i have offer such service with e-voucher RM1,000 incentive together which is cheaper than current market price. if you are interested on it, please contact me. Thanks
GST Registration Service & E-voucher