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 Are u ready for GST?, GST for biz operators

Are u acquaintance with GST?
 
I am acquaintance with Malaysia GST [ 19 ] ** [10.56%]
I know some knowledge in Malaysia GST but not confident [ 66 ] ** [36.67%]
I am blurred about Malaysia GST [ 95 ] ** [52.78%]
Total Votes: 180
  
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Sunny zombie
post Mar 30 2015, 12:15 AM

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QUOTE(wassap @ Mar 18 2015, 12:56 PM)
Dear Sir, kindly get your facts correct before coming here and shoot all you want.

Do you know that for manufacturing, you can claim back the GST for uniforms, electricity and things that you incur in the furtherance of your business. Please do not mislead people. I am not saying price will not go up. There will be traders who will increase the price due to their ignorance. People like you for instance will surely raise up the price when in actual fact GST is not an expense for a gst registered company but merely a cash flow issue if it is not managed properly.

And FYI insurance premium already has 6% service tax for now. what difference does it make when GST kicks in? for developer ( i assume other property other than residential houses) can claim back the GST incur. It seems to me that you do not understand GST so please save yourself and go read up instead of complaining and whining.
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Only general insurance have the 6 percent tax

Not the life insurance
Sunny zombie
post Mar 30 2015, 12:18 AM

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QUOTE(Artus @ Mar 18 2015, 02:22 PM)
The GST03 form is so clear and simple and yet you still couldn't get it. No wonder ignorance about GST is the biggest problem if businesses simply raise their prices due to their ignorance about GST.

IF your sales is RM100,000, You fill in 100,000 in column 5a. You then fill in 6,000 in 5b.
If your total purchases and expenses is RM70,000, you fill in 70,000 in column 6a and fill in 4,200 in 6b.

RM4,200 (6b) is the amount that are supposed to claim back, right? Because 6b is less than 5b, just deduct 6b from 5b (6,000-4,200=1,800) and put in 1,800 in column 7, and then leave column 8 empty. Can see the word ATAU/OR in bold or not?

But if your sales is lousy, let's say at RM50,000. You fill in 50,000 in 5a and 3000 in 5b. Let's say purchases+expenses is the same RM70,000, so you fill in 70,000 in 6a and 4,200 in 6b. Because 6b is higher than 5b, you must leave column 7 empty and you deduct 5b from 6b (4,200-3000=1,200) and put 1,200 in column 8.

Get it now? Most of the time no need to wait for refunds lah unless your business is really lousy.
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rclxms.gif rclxms.gif
Sunny zombie
post Mar 30 2015, 12:27 AM

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QUOTE(Optiplex330 @ Mar 19 2015, 06:04 AM)
those with less than 500K shutting down because of GST are ignorant people.
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If they registered, a big cost to them

If they not register, a big cost to them too, hope you understand
Sunny zombie
post Mar 30 2015, 12:29 AM

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QUOTE(firee818 @ Mar 19 2015, 04:36 PM)
I m curious why the date is 1st of April...not 1st Jan or 1st June, at least it gives a better cutting point.

But then, it still has chances to turn over until last minute...who know?
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First of second quater?
Artus
post Mar 30 2015, 12:38 AM

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QUOTE(Sunny zombie @ Mar 30 2015, 12:14 AM)
Refunds for those bad debts?
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Can ask for refunds if customer failed to pay after owing more than 6 months.
Sunny zombie
post Mar 30 2015, 12:49 AM

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QUOTE(tabletman @ Mar 26 2015, 10:16 AM)
Will never be that simple, certain service or goods are never relevant for GST in the first place. For example, interest from bank loan. No one wants to pay additional tax on interest and it is not fair to begins with. Or GST on your dividend (besides the 25% tax already levied on it)? Or how to collect GST for exporting goods? The sad fact is GST will never be simple and Accountants and system providers will always have a hard time unless one works in very simple business environment. A mostly standard rate for all retails goods might make some merchants easier, but there are a lot of other businesses still have to go through the same struggle and confusion.

A easier way to get more tax is simply to raise the income tax. But then that will mean those tax evaders will don't have to pay tax. Still, since tax evaders are usually running their own business, so I suspect even with GST those people will simply try to pass the tax cost to the salaried group by increasing their price.
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Now most the dividend income will be declared under single tier, no tax
Sunny zombie
post Mar 30 2015, 12:58 AM

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Ts, you mentioned the poll will be closed, why?
SUSOptiplex330
post Mar 30 2015, 07:06 AM

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QUOTE(Sunny zombie @ Mar 30 2015, 12:27 AM)
If they registered, a big cost to them

If they not register, a big cost to them too, hope you understand
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I was referring to hawker or small shop.

emilieisme
post Mar 30 2015, 08:56 AM

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QUOTE(firee818 @ Mar 29 2015, 08:42 AM)
Thanks for the info.
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erm guys... example the invoice expired on Jun'15 and bad debt relief have to claim on Jul'15.

refer to the latest amendment -->
"the taxable person has to notify the Director General (DG) within 5 days after the expiry of sixth month on his intention to claim at a later date ”.

means 5 days after we submit the GST-03 for the month of Jun'15 to custom department?

blink.gif blink.gif blink.gif

This post has been edited by emilieisme: Mar 30 2015, 09:28 AM
emilieisme
post Mar 30 2015, 09:36 AM

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QUOTE(nexona88 @ Mar 29 2015, 12:38 PM)
2 more days to go  cool2.gif
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it already cause my old friend "migraine" visit me. sad.gif
Sunny zombie
post Mar 30 2015, 10:06 AM

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QUOTE(Optiplex330 @ Mar 30 2015, 07:06 AM)
I was referring to hawker or small shop.
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Ya, small shop buy thing need gst, great cost for them
TSfiree818
post Mar 30 2015, 04:19 PM

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QUOTE(Sunny zombie @ Mar 29 2015, 11:40 PM)
thumbup.gif  thumbup.gif
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To provide a list of codes is simple.
But, knowing and using each code correctly is outstanding.
TSfiree818
post Mar 30 2015, 04:24 PM

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QUOTE(Sunny zombie @ Mar 30 2015, 12:58 AM)
Ts, you mentioned the poll will be closed, why?
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The poll taken before the implementation date will provide a hint to the public (according to this survey) that biz operators still haven't prepared adequately on or before implementation date.


TSfiree818
post Mar 30 2015, 04:27 PM

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QUOTE(emilieisme @ Mar 30 2015, 08:56 AM)
erm guys... example the invoice expired on Jun'15 and bad debt relief have to claim on Jul'15.

refer to the latest amendment -->
"the taxable person has to notify the Director General (DG) within 5 days after the expiry of sixth month on his intention to claim at a later date ”.

means 5 days after we submit the GST-03 for the month of Jun'15 to custom department?

blink.gif  blink.gif  blink.gif
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I believe it is the date within 5 days after the expiry of the sixth month.

e.g. 16/4/2015, sixth month is 30/9/2015, so u write in before 5/10/2015.
Sunny zombie
post Mar 30 2015, 06:36 PM

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SIFUSSS,

have a friend businee already registered GST last year at custom. but now he want to try to login TAP, how can it be done?

As there is no email address at the first place
wassap
post Mar 31 2015, 12:15 AM

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QUOTE(emilieisme @ Mar 30 2015, 08:56 AM)
erm guys... example the invoice expired on Jun'15 and bad debt relief have to claim on Jul'15.

refer to the latest amendment -->
"the taxable person has to notify the Director General (DG) within 5 days after the expiry of sixth month on his intention to claim at a later date ”.

means 5 days after we submit the GST-03 for the month of Jun'15 to custom department?

blink.gif  blink.gif  blink.gif
*
nope. 5 days upon expiry of the invoice.
emilieisme
post Mar 31 2015, 08:14 AM

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QUOTE(firee818 @ Mar 30 2015, 04:27 PM)
I believe it is the date within 5 days after the expiry of the sixth month.

e.g. 16/4/2015, sixth month is 30/9/2015, so u write in before 5/10/2015.
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QUOTE(wassap @ Mar 31 2015, 12:15 AM)
nope. 5 days upon expiry of the invoice.
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shocking.gif shocking.gif means every time there is a claim bad relief/recovery then we have to inform DG that we will claim it??

"example the invoice expired on Jun'15 and bad debt relief have to claim on Jul'15"
So, we have to write-in to DG on Jun'15 to informed that we will claim the relief on Jul'15?

Please correct me if my understanding is wrong. Honestly I feel a bit weird on that.

This post has been edited by emilieisme: Mar 31 2015, 09:08 AM
TSfiree818
post Mar 31 2015, 08:16 AM

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QUOTE(Sunny zombie @ Mar 30 2015, 06:36 PM)
SIFUSSS,

have a friend businee already registered GST last year at custom. but now he want to try to login TAP, how can it be done?

As there is no email address at the first place
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When u register, u have to use one-email address for registration.
After u have successfully registered, custom will send a password to this e-mail.
U need to use this password to login u TAP
TSfiree818
post Mar 31 2015, 09:08 AM

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QUOTE(emilieisme @ Mar 31 2015, 08:14 AM)
shocking.gif   shocking.gif  means every time there is a claim bad relief/recovery then we have to inform DG that we will claim it??

"example the invoice expired on Jun'15 and bad debt relief have to claim on Jul'15"
  So, we have to write-in to DG on Jun'15 to informed that we will claim the relief on Jul'15? 

  Please correct me if my understanding is wrong.
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QUOTE
ii) The bad debt relief must be claimed immediately after the expiry of sixth months from the date of supply.

iii) If the bad debt relief is not claimed immediately after the expiry of sixth month, than the taxable person must apply in writing for Director General’s (DG) approval on his intention to claim at a such later date..

Amendment to (iii) above
[U]"the taxable person has to notify the Director General (DG) within 5 days after the expiry of sixth month on his intention to claim at a later date ”.

Nope, if bad debt relief is not claimed after sixth month, u need to write in.
If u claim bad debt relief immediately after the expiry of sixth month, u don't need to write in.

My advice is that, u have to stick to normal rule, i.e. u have to claim bad debt relief after the expiry of sixth month to avoid unnecessary misunderstanding between u and custom. U have known that they were not efficient.

This post has been edited by firee818: Mar 31 2015, 09:08 AM
TSfiree818
post Mar 31 2015, 09:15 AM

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U just buy less to avoid paying too much GST.
Save more for your future.

Today is the last pre-implementation day, any postponement or U-turn?

If no, then we need to move on to GST regime to face unpredictable price fluctuation ...are u ready?

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