ICT For Growth - GST Slides

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ICT FOR GROWTH

GST ITS IMPACT TO YOUR COMPANY OPERATION


ICT FOR GROWTH

Ends on Start of GST

5%, 10%, Specific

Collected at manufacturer level

Ends on Start of GST

6% Specific

Collected at Services to Customer


ICT FOR GROWTH

Start: 1st April 2015

Must register by 31/12/2014

Mandatory:

Sales > RM500,000 a year

Late Registration Penalty:

RM1,500 per 30 days.

Voluntary:

Sales < RM500,000 a year

Can claim input tax

Competitive strategy


ICT FOR GROWTH

Sales less than RM500,000 a year. Why register

GST?

Your Customer (GST Company)

Your Company (Non GST)

Your Supplier (GST Company)

Sell to you at

RM10,000

cost + RM600

GST

You paid

RM10,600

This is your cost

You customer must pay

RM10,600 cost. He cannot

claim input tax

Your Competitor

(GST Company)

Pay RM10,000 cost plus RM600 GST.

( He claims RM600 as input tax)

Pay RM10,600. Which is

RM10,000 plus RM600 GST.

He claims RM600 as input tax.

His cost is RM10,000

Your competitor

more competitive.


ICT FOR GROWTH

No GST ZERO RATED GST

GST EXEMPTED


ICT FOR GROWTH

INPUT TAX AND OUTPUT TAX


ICT FOR GROWTH

STANDARD RATED


ICT FOR GROWTH

ZERO RATED

GST EXAMPTED


ICT FOR GROWTH

REGISTER HERE:

WWW.GST.CUSTOMS.GOV.MY/TAP

Get your:

User name

Password

Kod kebenaran GST ( Use this for eVoucher Registration at SME Corp website)

Understand MSIC Code


ICT FOR GROWTH

http://gst-evoucher.smecorp.gov.my/gst/

Register


ICT FOR GROWTH

http://gst-evoucher.smecorp.gov.my/gst/


ICT FOR GROWTH

Taxable Period

<RM5 millions

Annual taxable

Supplies

>RM5 millions


ICT FOR GROWTH

GST Accounting Basis

Payment Basis

Invoice basis

Business in Cash basis

Output Tax is accounted when payment received

Input Tax can be claimed when payment is made.


ICT FOR GROWTH

GST Returns

GST Refund


ICT FOR GROWTH

GST Returns

April May June JulySales < RM 5

millions a year

Pay GST

April May Sales > RM 5

millions a year

Pay GST


ICT FOR GROWTH

21 Day Rule

April May

Issue DO

If Issue Invoice within 21 days, the

effective date is on the invoice date

If Issue Invoice after 21 days, the

effective date is on the DO date

21 day rule


ICT FOR GROWTH

GST Returns – GST-03


ICT FOR GROWTH

Input Tax Mechanism


ICT FOR GROWTH

Full Tax Invoice


ICT FOR GROWTH

Simplified Invoice ( RM500 or less per receipt )


ICT FOR GROWTH

Input Tax cannot be claimed


ICT FOR GROWTH

If price include GST: say RM100.


ICT FOR GROWTH

Why Tax Invoice is important

What is Tax Invoice


ICT FOR GROWTH

Practical GST Issues:

1. Review your suppliers

2. Review your sales and contracts

3. Review Cash Flow

4. Review Credit Terms

5. Implication on invoicing (pay GST)

6. Implication on Bad Debt ( with suppliers)

7. Implication of Bad Debt ( with customers).

8. Implication of Input Tax (input tax credit,

blocked input tax)

9. Implication of Output Tax ( gift, samples)

10. Implication on Human Resource (know GST)

11. Implication on Accounting System


ICT FOR GROWTH

Celik GST Seminar:

Detailed explanation on GST practical issues and

business preparation.

Types of registrationGroup RegistrationDeemed SupplyImport ServicesCustoms Form 1MSIC Code

Blocked Input taxApportionment of Input taxRefund of Input TaxRepayment of Input TaxCredit noteDebit NoteBad Debt Record Keeping


ICT FOR GROWTH

Funding


ICT FOR GROWTH

Funding

12-months OfficeCentral

eTrax, trainingRM750

eVoucher24-months OfficeCentral,

TrainingRM1,000


ICT FOR GROWTH

In Control

all the time

Anywhere

Anytime


ICT FOR GROWTH

Easy to Use

Very Affordable

Access from

anywhereAccess anytime

Always the

latest version


ICT FOR GROWTH

Dashboards


ICT FOR GROWTH


ICT FOR GROWTH

Chart of account in

Tree View

Unlimited Depth Project

Accounting

Pre built Chart of

Accounts –

saves set up

time


ICT FOR GROWTH

Profit and Loss

Balance Sheet

Detail Report


ICT FOR GROWTH

Accounting Report


ICT FOR GROWTH

Accounting Ratios


ICT FOR GROWTH

GST Accounting


ICT FOR GROWTH

CRM – Manage Your Marketing Activities


ICT FOR GROWTH

Customer Relationship Management in the Cloud

E-Mail MarketingSMS Marketing


ICT FOR GROWTH

Point of Sales - Restaurant


ICT FOR GROWTH

SPAKITA.com


ICT FOR GROWTH

MDEC Score+ Rating 4.0

WINNER:

BEST SOFTWARE

FOR SME

(OFFICECENTRAL)

FINALIST:

BEST SOFTWARE -

TENDERASIA

Awarded

MGS Grant

AWARDED MTDC BUSINESS

GROWTH FUND.

MTDC INVESTEE COMPANY

Authentic Venture Sdn Bhd

45


ICT FOR GROWTH

Initiatives:Opportunities Directory – SME Corp –

700,000 SMEs in Malaysia.

Telekom Malaysia - TM SME – Marketing of

TM SME Cloud Solutions.

Jaring – Cloud Solution.

Tenders across Asia.

Local Manufacturer Directory.

Government purchase from Overseas

manufacturers.


ICT FOR GROWTH

Initiatives:

Entrepreneur Coaching Club(Entrepreneurs Coaching for Success

Start:1st July 2014, Every Week,

Tuesday, 14:00-17:00

NEF/myNEF Office – Empire

Damansara)

Book: How I made my first

million.


ICT FOR GROWTH


ICT FOR GROWTH

Technopreneur Ir. Aziz IsmailCEO, Founder, Malaysian, age 53. Graduate in Electronic & Electrical Engineering (United Kingdom) and

Master in Business Administration (Universiti Malaya).

Professional/Social: President (Past) TeAM, Technopreneur Association of Malaysia. Vice President II NEF, Bumiputera ICT Association, Chairman Go Global Chairman, MSC Local Advisory Panel, Domestic Direct Investment Cluster Leader (Past) , Majlis Perundingan Melayu, MPM – NGO. Business Services Cluster Leader. Ahli Majlis, Cluster Leader, MTEM, Majlis Tindakan Ekonomi Melayu. Council Member, NIC, National Innovation Council, Chaired by Prime Minister. Member of NITC. Chairman ICT (Past) , Exco PPIPBM (Past) , Malaysian Bumiputera Manufacturers Association (Past) President Instrument and Control Society Malaysia (Past) President Asia Pacific Federation of Instrument Societies Industry Expert Panel University Technology Petronas Malaysia, UTEM Professor Adjunct UUM, Ahli Majlis Faculty UIA External Examiner University Technology Petronas Malaysia Secretary, Council (Past) – ASAS Alumni Association Malaysia, Director – ASAS Koop Approval Committee (Past) – MDEC MGS Grant Approval, Pre Seed, Cradle Fund Approval

Committee (Past). Judge – Microsoft Imagine Cup, APICTA Award, Malaysia and International. Malaysian Universities

ICT Competition Professional Engineer, MIEM, Board of Engineers Invited Speakers, MDEC, MPC, PPIPBM, MARA, TeAM, WENA, NEF, Associations, Bernama, TV3.Previous Working Experience: CEO Digital Aura Sdn Bhd – Software Solutions CEO Foxboro USA (Malaysia operation) – Industrial solutions GM Progressive Impact ( Currently public listed) – Technology Manager – Honeywell USA ( Malaysian operation) – industrial solutions Lead Control Engineer – TNB ( Power Utilities)

ICT For Growth - GST Slides

Economy & Finance

Transcript of ICT For Growth - GST Slides