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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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wassap
post Mar 13 2015, 12:26 AM

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QUOTE(firee818 @ Mar 7 2015, 07:59 AM)
Thank you.

That mean for importing Zero-rated supply or goods under relief, no GST on importation, irrespective of whether the importers are GST registered persons or not.
*
For imported goods, GST will be calculated by customs upon declaration and you will have to pay before your goods are release. As for your query regarding the tax codes. Refer below:-

AJP - Adjustment to Input Tax
AJS - Adjustment to Output Tax
BL - Purchases with GST not claimable
CGA - Capital Goods Acquired
DS - Deemed supply
E43 - Incidental exempt supply (TX-E43)
EP - Purchases exempt from GST
ES - Exempt supplies under GST
ESI - Incidental Exempt Supply (ES43)
ESN - Non-income exempt supply (ESN43)
GP - Disregarded purchases
GS - Disregarded supplies under GST
IM - GST for import of goods
IM0 - GST for import of goods at 0%
IS - Import Special Scheme
IS6 - Import under Special Scheme at 6%
N43 - Non-income Exempt supply (TX-N43)
NR - Non GST registered supplier
OP - Purchases out of scope
OS - Supplies out of scope
RE - Taxable or exempt supplies
RS - Relief supplies under GST
SR - Standard rated supplies
TX - Purchases with GST at 6%
ZP - Purchases with no GST incurred
ZRE - Export zero rated
ZRL - Zero rated supplies

This list is the latest list taken from the latest MYOB software.
wassap
post Mar 13 2015, 12:31 AM

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QUOTE(firee818 @ Mar 4 2015, 02:16 PM)
I have looked over it, but I have some questions:

1). I couldn't find Goods and Services Tax (Relief) Order 20XX -via the internet, any links for that.

2). Exempted goods, can you give me one example of imported exempted goods with no GST to be levied, as the above links didn't give a clear guidance for that.

3). Zero-rated goods, it didn't specify clearly imported necessity food has not GST levied, it only mentioned generally. During practical working environment, we can't rely on that...
*
Relief order here:-

http://www.customs.gov.my/ms/pg/pg_odr/P.U...asan%292014.pdf

2. I don't think there are any imported goods that will fall under exempt supplies. for further read refer

http://gst.customs.gov.my/en/rg/SiteAssets...n%29%202014.pdf

3. Zero rated goods are subject to GST at 0%. Import of zero rated goods for example beef from New Zealand or Australia will be subject to GST at 0%. For complete list of zero rated goods please refer

http://gst.customs.gov.my/en/rg/SiteAssets...r%29%202014.pdf
wassap
post Mar 13 2015, 12:32 AM

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QUOTE(annas473 @ Mar 4 2015, 02:28 PM)
icon_question.gif
bond with contract tender to supply hardware. Price have fixed and cannot change (2013).

After internal meeting today;

1) need to ask gov can increase price affected with gst or not? (for last year project and end 2016)

2) if cannot, what to do?

icon_question.gif
*
when is the contract signed. let me know the month and year so i can provide you with some advise on whether it falls under non-reviewable contract with no opportunity for review.
wassap
post Mar 13 2015, 12:40 AM

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QUOTE(firee818 @ Mar 11 2015, 10:05 AM)
I think many companies still haven't fixed their accounting software yet. You can imagine the messy situations after 1/4/2015.

Please come and vote, thank you.
*
Postpone, I don't think they will entertain that. gst announced in budget 2013. lots of awareness campaign has been done. for our clients we advise them since may last year to get ready.

yes i expect 1/4/2015 to be messy but i doubt customs will back down.
SUSOptiplex330
post Mar 13 2015, 07:06 AM

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QUOTE(Kaka23 @ Mar 12 2015, 09:41 PM)
Ciggy add 6% from current price?
*
I understand it has high Sales Tax now, more than 10%. So may be cheaper with the 6% GST?
TSfiree818
post Mar 13 2015, 08:15 AM

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Hi,

If a Company A paid on behalf of Company B to Company C, what document should Company A issues to Company B?
Note: The bill is billed to Company B, Company A is just paid of behalf of Company B, i.e. it is disbursement.

1). Tax invoice
2). Debit Note
3). Commercial invoice
4). Other documents

This post has been edited by firee818: Mar 13 2015, 08:23 AM
wassap
post Mar 13 2015, 09:13 AM

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QUOTE(firee818 @ Mar 13 2015, 08:15 AM)
Hi,

If a Company A paid on behalf of Company B to Company C, what document should Company A issues to Company B?
Note: The bill is billed to Company B, Company A is just paid of behalf of Company B, i.e. it is disbursement.

1). Tax invoice
2). Debit Note
3). Commercial invoice
4). Other documents
*
Please refer the following link for an idea.

http://www.iras.gov.sg/irashome/uploadedfi..._2013-05-31.pdf
wassap
post Mar 13 2015, 09:14 AM

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QUOTE(Optiplex330 @ Mar 13 2015, 07:06 AM)
I understand it has high Sales Tax now, more than 10%. So may be cheaper with the 6% GST?
*
it has high excise duty which is different from sales tax.
Kaka23
post Mar 13 2015, 09:59 AM

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QUOTE(Optiplex330 @ Mar 13 2015, 08:06 AM)
I understand it has high Sales Tax now, more than 10%. So may be cheaper with the 6% GST?
*
GST up the price.. later Budget time (Oct/Nov) up again..
SUSOptiplex330
post Mar 13 2015, 11:00 AM

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QUOTE(wassap @ Mar 13 2015, 09:14 AM)
it has high excise duty which is different from sales tax.
*
Sales tax is imposed on certain imported and locally manufactured goods under
the Sales Tax Act 1972. The tax rate ranges from 5 – 25%. The general rate of
sales tax is 10%. Foodstuffs and building materials are subject to 5% sales tax;
cigarettes, 25%; and liquor, 20%.


http://www.aicaglobal.com/data/Publication-TaxationMYS.pdf
annas473
post Mar 13 2015, 11:29 AM

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QUOTE(wassap @ Mar 13 2015, 12:32 AM)
when is the contract signed. let me know the month and year so i can provide you with some advise on whether it falls under non-reviewable contract with no opportunity for review.
*
Dear wassap,

thanks for the offer. I have been inform that my company will need to follow the old price due to we sign the sst latter before GST and they (ministry) will help us if any item have affected with GST.



viqq
post Mar 13 2015, 12:01 PM

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Guys, I've been wanting to ask this question. If this GST comes, it's supposed to replace the Sales Tax & Services Tax right? But when I booked my hotel banquet last month, they told me that they will still charge a 10% service charge even after GST implementation, I mean, are they allowed to charge a 10% service charge after GST comes? I'm sure a lot of restaurants will still charge 10% service charges on their own on top of the 6% GST.
nexona88
post Mar 13 2015, 12:04 PM

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QUOTE(viqq @ Mar 13 2015, 12:01 PM)
Guys, I've been wanting to ask this question. If this GST comes, it's supposed to replace the Sales Tax & Services Tax right? But when I booked my hotel banquet last month, they told me that they will still charge a 10% service charge even after GST implementation, I mean, are they allowed to charge a 10% service charge after GST comes? I'm sure a lot of restaurants will still charge 10% service charges on their own on top of the 6% GST.
*
6% goes to gomen, 10% goes to Hotel/restaurants etc. so total u pay 16% icon_rolleyes.gif

This post has been edited by nexona88: Mar 13 2015, 12:06 PM
viqq
post Mar 13 2015, 12:39 PM

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QUOTE(nexona88 @ Mar 13 2015, 12:04 PM)
6% goes to gomen, 10% goes to Hotel/restaurants etc.  so total u pay 16% icon_rolleyes.gif
*
Lidat no change from pre-GST lor? I thought the government said GST will replace all sales and services tax with GST 6% sja.. cry.gif
TSfiree818
post Mar 13 2015, 02:02 PM

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QUOTE(wassap @ Mar 13 2015, 09:13 AM)
Please refer the following link for an idea.

http://www.iras.gov.sg/irashome/uploadedfi..._2013-05-31.pdf
*
I know what are the differences between disbursement and reimbursement.
My question is what document should Co. A issues to Co. B if Co. A pays on behalf of Co. B, is it Tax invoice/normal invoice/Debit Note?
TSfiree818
post Mar 13 2015, 02:14 PM

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QUOTE(Optiplex330 @ Mar 12 2015, 12:22 PM)
Typical Malaysian scenarios.

Give people extension, they will still not be ready.

Government in habit of postponing at the last minute.
*
We (biz operators) chase very hard for the software guys last years till now, mind u, not many software guys like to entertain u. They are very busy right now. U have to choose right software that suite u, it is not like buying vegetables in the market. With this short timeframe, it is not easy to get one that suit u, and some co need to modify their biz practices in order to use the ready-made software...some giant corporations do tailor-made software, but whether the software are usagable or not or acceptable by custom or not still in question mark.

Some famous software still not ready yet as at 31/1/2015 e.g. SAP, UBS, etc

DO U REALLY CONCERN ABOUT US...?

It is easy to say GO, GO, GO, IMPLEMENT... but doing it and practising it is another thing...this is not small project, it involves huge changes in the biz operation and manpower training.

This post has been edited by firee818: Mar 13 2015, 02:31 PM
SUSOptiplex330
post Mar 13 2015, 02:34 PM

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QUOTE(wassap @ Mar 13 2015, 12:26 AM)
For imported goods, GST will be calculated by customs upon declaration and you will have to pay before your goods are release. As for your query regarding the tax codes. Refer below:-

AJP - Adjustment to Input Tax
AJS - Adjustment to Output Tax
BL - Purchases with GST not claimable
CGA - Capital Goods Acquired
DS - Deemed supply
E43 - Incidental exempt supply (TX-E43)
EP - Purchases exempt from GST
ES - Exempt supplies under GST
ESI - Incidental Exempt Supply (ES43)
ESN - Non-income exempt supply (ESN43)
GP - Disregarded purchases
GS - Disregarded supplies under GST
IM - GST for import of goods
IM0 - GST for import of goods at 0%
IS - Import Special Scheme
IS6 - Import under Special Scheme at 6%
N43 - Non-income Exempt supply (TX-N43)
NR - Non GST registered supplier
OP - Purchases out of scope
OS - Supplies out of scope
RE - Taxable or exempt supplies
RS - Relief supplies under GST
SR - Standard rated supplies
TX - Purchases with GST at 6%
ZP - Purchases with no GST incurred
ZRE - Export zero rated
ZRL - Zero rated supplies

This list is the latest list taken from the latest MYOB software.
*
So many code, sure make mistake one. So how?


SUSOptiplex330
post Mar 13 2015, 02:35 PM

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QUOTE(viqq @ Mar 13 2015, 12:39 PM)
Lidat no change from pre-GST lor? I thought the government said GST will replace all sales and services tax with GST 6% sja..  cry.gif
*
You are confusing Service Charge with Service Tax. Not the same thing.

SUSOptiplex330
post Mar 13 2015, 02:38 PM

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QUOTE(firee818 @ Mar 13 2015, 02:14 PM)
We (biz operators) chase very hard for the software guys last years till now, mind u, not many software guys like to entertain u. They are very busy right now.  U have to choose right software that suite u, it is not like buying vegetables in the market. With this short timeframe, it is not easy to get one that suit u, and some co need to modify their  biz practices in order to use the ready-made software...some giant corporations do tailor-made software, but whether the software are usagable or not or acceptable by custom or not still in question mark.

Some famous software still not ready yet as at 31/1/2015 e.g. SAP, UBS, etc

DO U REALLY CONCERN ABOUT US...?

It is easy to say GO, GO, GO, IMPLEMENT... but doing it and practising it is another thing...this is not small project, it involves huge changes in the biz operation and manpower training.
*
People knew it's coming for long time already but many people just don't care, me included so have to do lots of midnight burning candles to get ready. And politicians not helping by spreading all sorts of misleading information like GST will accumulate to 28% etc. They should just shut up.



In recent months there has been increasing talk in the market that the long proposed Goods and Services Tax (GST) is likely be announced in the coming Budget 2014. Most economists believe that GST in Malaysia will commence in 2015, giving a lead time of 14 months for businesses in Malaysia to get ready.

GST was first announced in the 2005 Budget for implementation in 2007. However, in February 2006 the Malaysian Government announced that GST would be deferred as more time was needed to get feedback from the public.

Subsequently, GST was tabled for first reading in 2009 for proposed implementation in 2011. The bill was supposed to be presented for second reading in 2010 but was withdrawn.

Finally, on the 25th of October 2013, Malaysian Prime Minister Datuk Seri Najib Razak announced the introduction of the Goods and Services Tax (GST) in Budget 2014 to replace the current sales and services tax, GST will be effective on April, 2015.
http://www.yycadvisors.com/overview-of-gst-malaysia.html

This post has been edited by Optiplex330: Mar 13 2015, 02:39 PM
cherroy
post Mar 13 2015, 02:59 PM

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QUOTE(viqq @ Mar 13 2015, 12:01 PM)
Guys, I've been wanting to ask this question. If this GST comes, it's supposed to replace the Sales Tax & Services Tax right? But when I booked my hotel banquet last month, they told me that they will still charge a 10% service charge even after GST implementation, I mean, are they allowed to charge a 10% service charge after GST comes? I'm sure a lot of restaurants will still charge 10% service charges on their own on top of the 6% GST.
*
Service charge has nothing to do with service tax.

Service charge - fee imposed by supplier (hotel, restaurant) to provide you service that being collected by them, has nothing to do with gov nor tax.
Just like you hiring a maid/waiter or whatever serviceman to serve you, then you pay the 10% of the total bill as their reward.




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