November 20, 2014

GST : Highlights

Since GST is approaching, it is something we would like to know more about in near future, having practical hands on, as well as handle it with great care. I have summarized at about 10 basic guidelines in the following pdf file.

Those are :
a) where you could obtain GST Guidelines, Form, and Information
    (generally one needs to know how to be online, and reading it yourself)

b) how to calculate RM500k, and 28 days require to register
    (annual turnover 12 months does not necessarily mean from Jan to Dec)

c) eight (8) type of GST audit and their power
    (custom seldom tell you this, when cancelling GST, they would audit your accounts)


d) GST form (GST-03), reports your Sales, Purchase, Fixed Assets 
    (custom seldom tell you that, these records must tally with income tax)

e) GST submission monthly/quarterly, Invoice Basis/Payment Basis, GST Amendment requirement, Penalty remain unpaid, Bad Debts Claim Relief, Price Display
    (Basic understanding on GST operation, amendment of GST form is allowed but penalty)

f) Rules : Late registration, Late payment, 7 years of book keeping record, Directors' 20%, failure to furnish information, semakan status kawalan imigresen
    (Rules are remain as rules)
    (Do not wait for penalty letter, but to submit penalty along)
    (Any correction on submitted of GST form, let's say the amount comes from 6 months ago,
            although not stated clearly, it would become a 6 months penalty rate)

g) GST accounting software belongs to Custom
    (Custom seldom tell you that, GST compliance software actually is Custom Software)

h) Tax invoice within 21 days, CN and DN requirement
    (21 days rule to ensure billing is fast enough for custom)
 
i) Transition Period
    (Read it and understand GST is inclusive even before 01.04.2015)

j) GST Calculation
    (Knowing payment of GST can fluctuate due to Sales and Purchase on seasonal sales)




October 14, 2014

GST : Zero Rated Supply & Exempt Supply



After the annoucement of the Budget 2015, everyone are looking forward what are the newest list of Zero Rated and Exempt Supply Goods and Services for this coming GST.

The following items have been highlighted either for Zero Rated or Exempted :-
Essential services, transport, education, healthcare and finance,RON95 petrol, diesel, liquefied petroleum gas, imported and local fruits, bread, coffee, tea and cocoa powder, noodles, medicines as well as reading materials and newspapers.

For the complete list, kindly click the following:-

Zero Rated Supply List

Exempt Supply List

Relief List

The whole portal click : Federal Government Gazette


However, you may reach the same information at GST website.
Click http://gst.customs.gov.my/en/rg/Pages/re_odr.aspx

Let's get ready.


September 13, 2014

GST : What is GST Compliance Software?


Not everyone is noticing that GST compliance software, is basically written for GST, with the integrated functionality for Custom department for easily checking and auditing for seven years of records at least.

GST has instructed the following General Principles guidelines :-



From the item(s) above, you may notice item (h) is enabling the software to export data into GAF for custom into checking or auditing procedure. While item (e) is to enable tracking down who and when (date and time), the addition record, modification, and deletion of the data has been made in the full set of accounting system. In Accounting, Sales, Gross Profit Margin, Closing stock, Unit price of the Product is a very sensitive data in the software itself.

Let's look at the following popular SME software in the market, AutoCount, QnE, UBS, SQL Accounting and Million Accounting System.









These particular softwares are capable to support Custom to track down any unexpected event happen within the business or the organization. Of course, the business owners really need to know and monitor their business figure well enough to support the accounting team, as accounting team itself might change its own staff over time. The business owner must verify the figure before any submission of GST and Income Tax. While not forgetting, the software above need to be locked so that no modification is allowed after the GST and Income Tax submission.

Contact me for futher details : stevenglobal@yahoo.com

August 26, 2014

IRB : Tax Evaders




Tax evaders – would have difficult time leaving Malaysia until they have paid their dues at the airport. Enforcement from Immigration Department to assist the IRB (Income Tax Department) for tax collection has put the Income Tax 1967 (Act 53) into an active mode.

Those blacklisted either for the purpose leaving Malaysia for leisure, business or migration, the no exit order will apply to all tax offenders. If this is a proven effective way, no doubt they might consider coming GST defaulters or GST evaders as well.
The Travel Status could be found under the following website.
Income Tax website also referring immigration website.

August 22, 2014

GST : Process after Registration

GST once register, you would access the GST portal or website with your login password. You may find the following letter in your inbox.


You may also take note that there would be no "kesilapan" and "kehilangan" tax invoice from the same letter.

Therefore everything is rules and law. You may apply GST-eVoucher worth RM1000 after getting GST ID. 

You may click http://gst-evoucher.smecorp.gov.my/gst/ for their website under SME. 
http://gst-evoucher.smecorp.gov.my/gst/


The process flow would be like this,

a) Register GST, obtain GST ID.
b) Go to the SME website to search for details.
c) Go to GST software vendor, fill up some form, pay on the spot the original price.
d) Get the receipt, proof of payment or supporting documents.
e) Claim GST E-Voucher, which would bank RM1000 into the company bank accounts once approved.

There are terms and conditions after GST e-voucher has been received. During this GST e-voucher claiming, the Custom or SME bank would know who is using which GST program. I would suspect just in case, if there is no use of such program in your respective company, they would probably "tarik-balik" e-voucher in near future, although it does not mention, but they did mention use it for GST, if you are not using it, why would you claim it.

During the registration, you may need to give them your Profit and Loss Account 2013 and Company Latest EPF statement.



Since SMECorp has their own website, and registered individuals has their own password, we might experience that each year, we need to submit profit and loss accounts and latest KWSP for their record keeping as well as for updating their system. As years pass by, I'm sure they do not want to keep old records.