What is GST Malaysia

Goods and Services Tax (GST)

Introduction to GST Implementation

In MalaysiaEffective 1 April 2015

Organised by:iTrainingExpert.com

What is a GST?

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WHAT YOU NEED TO KNOWwhich as not told to you…

Malaysia's new 6 per cent GST commences from Wednesday 1 April 2015, replacing the current

sales and services taxes (SST).

Registrations are due by Wednesday 31 December 2014.

So register your BUSINESS with the Malaysia Customs by 30 December 2014


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Highlights of GST• A broad-based consumption tax or value added tax • Imposed on the supply of taxable goods and services • Transaction based, multi stage tax imposed at each stage of

business transaction (i.e. from production to distribution of products and services)

• Collection and payment is on self-assessment basis – monthly, quarterly, half yearly GST returns

• Collected through a credit system where GST incurred on inputs is offset against GST charged on outputs

• Will replace the existing Sales Tax and Service Tax • To cover all sectors of the economy with limited exemptions

and zero rating • GST rate – 6% • Final Tax on Consumption & not Investment

You Want To Act nowGST will only come in effect on 1 April 2015. However, your business cannot procrastinate and wait until last minute to act. Experience from other countries who has implemented GST shoes that the range of tax, legal, cash flow, pricing, systems and training issues that must be addressed in transitioning to a new GST regime are usually both considerable and often time-consuming.

At such, your planning and early preparation is vital, as the introduction of a GST is a whole-of-business change, and bear in mind that most taxpayers will need to register by Wednesday 31 December 2014.

Today, the Malaysia government is expecting about 300,000 taxpayers to register for the GST – and currently less than 80,00 have actually registered. Penalties are applicable to late registration also.

Why risk your business and the directors to be penalised for late registration when you can act now and attend iTrainingExpert’s quality GST course to get ahead and start the GST implementation process?


Who must register for GST?A person is required to be registered for GST if he makes taxable supplies where the annual taxable turnover exceeds RM500,000.

Taxable turnover means the total value of taxable supplies excluding the amount of GST.Excluding:•capital assets disposed•imported services•disregarded supplies made in relation to the Warehousing Scheme•disregarded supplies made within or between designated areas


Is GST applicable to most goods and services?

GST will be charged on:

Any taxable supply of goods and services, made in the course or furtherance of any business, by a taxable person in Malaysia

The importation of goods into Malaysia, except goods prescribed as zero rated and exempt, andAll imported services acquired for the purpose of business, except exempt supplies of services.


What is a GST?

•A multi-stage tax collected at all stages of production.•A tax ultimately borne by the consumer.•Overcomes cascading along the supply chain.•A tax that creates churn, because of its multi-staged nature.


What should I do now?Time to register is running out, so you need to act now. Businesses need to be preparing for both registration and the commencement date.

Some key issues to consider when preparing for the GST:•CEO, CFO and all Department Heads and staff training on GST with approved GST Tax consultant•registration is now open via the Royal Malaysia Customs Department website.•pricing•contracts spanning the implementation of the GST•accounting systems


More information and for readingRoyal Customs Malaysia

General Guidelines on GST


http://gst.customs.gov.my/en/rg/SiteAssets/general_guides/Revised/General%20Guide%20-revised%20as%20at%2027%20October%202013.pdf

http://gst.customs.gov.my/en/rg/SiteAssets/general_guides/Revised/General%20Guide%20-revised%20as%20at%2027%20October%202013.pdf

Click here for Course Details and Availability• Nothing beats attending a customised small

class GST workshop with iTrainingExpert’s approved GST Tax Consultant and ask as many questions as you want about the ins and outs of GST implementation; get answers to problems that you may encounter

Click here for Course Details and AvailabilityLimited seats availablehttp://www.itrainingexpert.com/course/51/GST--Goods-and-Services-Tax.html

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http://www.itrainingexpert.com/course/51/GST--Goods-and-Services-Tax.html





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What is GST Malaysia

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