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)



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