Good & Services Tax (GST)

 

Good & services tax (GST)

WHEN IT STARTED?

  • 1 st April 2015

WHAT IS GST?

  • GST is multi-stage consumption tax on goods and services. (Also known as VAT – Value
    added tax).
  • GST is to be levied and charged at the proposed rate of 6% on the value of supply.
  • GST can be levied and charged only if the business is registered under GST.

TYPES OF SUPPLY

 
TYPES EXAMPLES
1. Standard-rated supplies
  • Furniture
  • Fast Food

Most items would be transacted under
Standard Rated Supply.

2. Zero-rated supplies
  • Rice
  • Agricultural goods, etc
3. Exempt supplies
  • Public transportation
  • House rental
  • Medical
4. Supplies not within the Scope of GST Enter government contract, etc

BLOCKED INPUT Tax (BL)
-NOT CLAIMABLE-

For examples:
I. Club Subscription fees
II. Medical Expenses
III. Family Expenses, etc

HOW GST WORKS?

OUTPUT TAX & INPUT TAX = PAY TAX to RMCD
OUTPUT TAX & INPUT TAX = CLAIM TAX from RMCD

WHO NEED TO REGISTER?

Persons having business with annual sales turnover exceeding RM 500,000:
– Individual
– Sole Proprietor
– Partnership
– Company
– Association
– Etc.

WHAT YOU NEED TO DO?

Responsibilities and obligations as a registrant under GST.
Registering your business

  • Issuing Tax Invoices

  • Accounting for GST

  • Filing Tax Returns

  • Input Tax Credit Mechanism

  • Claiming GST Refund

  • Paying GST

  • Offences

  • Review and Appeals

WHEN TO SUBMIT?

GENERAL SUBMISSION:

 
CATEGORIES PERIODS CONDITIONS
Standard Taxable Period 3 months
  • Applicable to all taxable
    turnover not exceeding
    RM5 Million
Non-standard Taxable Period 1 months
  • Applicable to taxable
    persons with annual
    taxable turnover
    exceeding RM5 Million
  • Applicable to other
    taxable persons on
    request and subject to
    approval
6 months
  • Special cases

Note:
Last Submission Date
(Not later than the last
days of the following
month after the end of the taxable period.)

For example:

 
CATEGORIES TAXABLE PERIODS Last Submission Date
Standard Taxable Period 3 months
(April-June)

(July-Sept)

31/07/201x

31/10/201x

Tax Refund:
If Submitted Online > 14 days
If Submitted Manually > 28 days
(The claim will be paid only after we made payment on unpaid GST.)

PENALTIES

 
TAXABLE PERIODS PENALTY RATES
1-30 Days

31-60 Days

30 Days above

10%

15%

15%

WHEN TO SUBMIT?

GST RETURN
I. GST 03 (Print out automatically filled forms for GST returns submission.)
II. GAF (Proper GST Audit File)

SMARTRICH

will assist you in the implementation of  Goods and
Services Tax (GST)

  • GST registration with Royal Malaysian Custom Department.
  • Review and submit the GST Returns.
  • Compute GST for return purposes.
  • Appeal and refund of GST.
  • Advice on GST compliance and requirement.

OUR FEES

 
JOB FEES
GST Registration

Account computation & Review GST

GST Submission

 

RM 250

Min RM 500 ( 3 Month)

RM 250

 

 

*ALL FEES ABOVE EXCLUDE DISBURSEMENTS AND GST.

Good & services tax- GST

WHEN IT STARTED?

  • 1 st April 2015

WHAT IS GST?

  • GST is multi-stage consumption tax on goods and services. (Also known as VAT – Value
    added tax).
  • GST is to be levied and charged at the proposed rate of 6% on the value of supply.
  • GST can be levied and charged only if the business is registered under GST.

TYPES OF SUPPLY

1. Standard-rated supplies
  • Furniture
  • Fast Food
Most items would be transacted under Standard Rated Supply.
2. Zero-rated supplies
  • Rice
  • Agricultural goods, etc
3. Exempt supplies
  • Public transportation
  • House rental
  • Medical
4. Supplies not within the Scope of GST Enter government contract, etc

BLOCKED INPUT Tax (BL)
-NOT CLAIMABLE-

For examples:
I. Club Subscription fees
II. Medical Expenses
III. Family Expenses, etc

HOW GST WORKS?

OUTPUT TAX & INPUT TAX = PAY TAX to RMCD
OUTPUT TAX & INPUT TAX = CLAIM TAX from RMCD

WHO NEED TO REGISTER?

Persons having business with annual sales turnover exceeding RM 500,000:
– Individual
– Sole Proprietor
– Partnership
– Company
– Association
– Etc.

WHAT YOU NEED TO DO?

Responsibilities and obligations as a registrant under GST.
Registering your business

  • Issuing Tax Invoices
  • Accounting for GST
  • Filing Tax Returns
  • Input Tax Credit Mechanism
  • Claiming GST Refund
  • Paying GST
  • Offences
  • Review and Appeals

WHEN TO SUBMIT?

GENERAL SUBMISSION:

CATEGORIES Periods Conditions
  • Applicable to all taxable turnover not exceeding RM5 Million
Standard Taxable Period 3 months
 Non-standard Taxable Period  1 months
  • Applicable to taxable persons with annual taxable turnover exceeding RM5 Million
  • Applicable to other taxable persons on request and subject to approval
6 months
  • Special cases

Note:
Last Submission Date
(Not later than the last
days of the following
month after the end of the taxable period.)

For example:

Categories Taxable Period Last Submission Date
Standard Taxable Period 3 months
(April-June) 31/07/201x
(July-Sept) 31/10/201x

Tax Refund:
If Submitted Online > 14 days
If Submitted Manually > 28 days
(The claim will be paid only after we made payment on unpaid GST.)

PENALTIES

TAX UNPAID PENALTY RATES
1-30 Days 10%
31-60 Days 15%
30 Days above 15%

WHEN TO SUBMIT?

GST RETURN
I. GST 03 (Print out automatically filled forms for GST returns submission.)
II. GAF (Proper GST Audit File)

Abdul Halim & Co

will assist you in the implementation of GST (Goods and
Services Tax).

  • GST registration with Royal Malaysian Custom Department.
  • Review and submit the GST Returns.
  • Compute GST for return purposes.
  • Appeal and refund of GST.
  • Advice on GST compliance and requirement.

FEES:

JOB FEES
GST Registration RM 250
Account computation & Review GST Min RM 500 (3 months)
GST Submission RM 250

*ALL FEES ABOVE EXCLUDE DISBURSEMENTS AND GST.

Have a question?

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