GST Registration Date Start



GST registration would take place online and manual on 1 June 2014 and compulsory to register for those eligible until 31 Dec 2014. Starts Jan 2015, penalty is upon those eligible for being late registration.

We all would be tied up with deadline submission starting April 2015, for monthly or quarterly submission. Kindly browse GST custom Malaysia website for more details. Monthly submission if annual revenue above RM5 million while below RM5 million is on a quarterly basis.

We know for corporate tax, and personal tax submission, given 4 ~ 6 month submission time period, whereas for custom GST Tax, it is actually a given one (1) month period to complete the whole details.

Therefore, GST compliance Software is needed to smoothen the process, or else, the delay penalty and wrong calculation is deemed to be happened.

Those industries with a mixed GST tax rate on a 6%, 0%, and exempted would have a tedious documentation and having hard time to maintain. Given that same product which might come from the GST registered vendor and Non GST vendor. Therefore, it might have GST and Non GST charges for the same product in order to claim input tax.

While some GST compliance software setup is either having tax inclusive or separately, but not both at the same time. For example, input tax coming from vendor might not be inclusive of tax, but output tax is inclusive of tax, such as hypermarket. So during key-in, there is a lot of "mathematics" calculation going on to capture these data into the accounts.

While for the Discount, it might happen to be No GST during Tax invoice issue, because GST is at the bottom of the tax invoice, but a separate issuing Credit Note on the discount might involve GST tax inclusive. So, the compilation on the Total Discount under GST and Non GST would be quite interesting in the accounts code.

I believe during the initial start, everyone is trying to cope with deadline for submission. While deadline comes along with a good maintenance on ICT equipment such as PC, ICT people and staff who handle the GST account, especially full set accounts, and the Payment 6% from the gross profit is to be made.

As in GST, No doubt it is not a cost,  but the "Value added tax" or GST has inclusive of gross profit element.

Every GST submission is simply a monthly / quarterly completion of accounts, in a such a way that the whole figure would be stated in the annual financial statement to be given to IRB (Income tax department).

It is a tax efficient system as compare to existing environment, however, every company does look like a public listed company for efficiency in the monthly submission report. While director or business owner is advised to look into the accounts and to approve the amount paid to the custom monthly or quarterly.

For monthly submission routine,
- 2nd week have to finalise the GST accounts
- 3rd week need reviewed
- and 4th week start paying and submission.

Kindly plan the time.

Click to register now https://gst.customs.gov.my/TAP/_/#3

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