Food Market Hub - Restaurant Inventory Software with Big Data and Purchasing direct from Supplier

Food Market Hub is the restaurant inventory software that come with Big Data Framework and allow purchasing directly from Supplier.

Supplier will receive restaurants order online and inform restaurant when they can't commit the delivered quantity or out of stock so restaurant get informed earlier.

Food Market Hub also has capability to analyze sales and purchase and expenses data either to purchase / sales by Food or Drink department. This will help management to understand which department has higher profit and that will help when new promotion created.

Check more out at http://foodmarkethub.com/ about Food Market Hub for Restaurant Chain.

Are you ready for GST?

Malaysia's planned implementation of the Goods and Services Tax (GST) beginning April 1, 2015 is not expected to be a walk in the park. Major issue that the GST could lead to difficulties in quantifying companies' cost, and affect cash flow.

“The issues we face are similar to what has been faced in other countries. Our main problem is that we have adapted the GST systems used in other countries to suit us and, therefore, we have a long list of zero-rated and exempt goods and services.

"It creates issues, especially for suppliers who deal in both taxable and exempt supplies,” Dr Veerinderjeet Singh, chairman of Taxand Malaysia Sdn Bhd, was quoted as saying.

PCCC president Datuk Seri Choot Ewe Seng was quoted as saying the 6% GST could weigh on companies’ cash flow. This is because most businesses get their payments from customers between two and three months after the sales.

“When a company gets RM10,000 sales, it has to pay a GST of RM600, but the payment from the client only comes the following month. This will jeopardise cash flow,” Choot said.

Tax experts, however, said the impact on companies' cash flow depended on their tax classification and how quickly they can turn over their inventories.

Veerinderjeet said under the GST refund system, companies can claim a refund although customers have not paid for their purchases. This means GST-registered firms  dealing in zero-rated and standard-rated goods can request for refund for input costs by the end of the month as long as they can produce the tax invoices.

“The GST refund system works on an accrual basis. Therefore, the input tax incurred on purchases can be claimed back against the output tax (if any) even though the purchases have not yet been paid for. This will assist in offsetting any cash flow effect on businesses, especially exporters,” Veerinderjeet was quoted as saying.

However, the term “tax exempt” could be a bit of a misnomer. This is because the term indicates that companies dealing in these goods will not be able to claim GST refunds on inputs. Input costs will effectively increase by about 6% and even if companies raise prices, they will have to actually sell the goods to recover the costs.

"Slow-moving inventories that are already contending with thin margins could be the hardest hit. Basic food items, certain financial services, healthcare, education and public transport are examples of exempt goods and services," the Edge Weekly said.

For more details about GST Training, GST Guidance, or GST Software, please contact Bifrost Tech Sdn Bhd at 04-6459769 / 04-6384789 or email to our support team at support@bifrostech.com or visit our website at http://www.bifrostech.com

Malaysia GST Software for AJS (Approved Jeweller Scheme) for Goldsmith and Jeweller

Royal Malaysia Custom prepare this industry guide to assist businesses in understanding matters with regards to GST treatment on Approved Jeweller Scheme (AJS). The manufacturing of jewellery from precious metals requires substantially high input cost on raw materials, but sales of jewellery are generally slow moving. This results in manufacturers of jewellery having to bear high input tax upfront while the speed of output tax collection from their sales are not in tandem with their input tax payments. As a consequence of this, the jewellery manufacturers would be burdened with cash flow problems as the rate of their output tax collection would not be able to correspond with that of their input tax liabilities. 

The AJS is introduced under the GST Act 20XX to help jewellery manufacturers, including toll manufacturers, overcome cash flow problem created by huge input tax payments coupled with slow or no output tax collections. Under the GST Act, tax charged on supply of precious metals made by a taxable person (supplier) to a jewellery manufacturer (approved jeweller) under the AJS will become the liability of the manufacturer and not the supplier. Hence, the supplier does not have to account for output tax on such supply. On the other hand, the approved person is not obliged to pay the tax to the supplier but shall account for payment of GST on the supply.

To fulfill AJS scheme, Bifrost Tech Sdn Bhd introduce software which able to support GST and also AJS. You can maintain your supplier and customer through the tax exemption no right here which will help you to maintain who is the qualified AJS customer that will waive the GST. 

Malaysia GST Software for AJS

For more info about AJS, please check on this AJS pdf guide.

For more details about GST Training, GST Guidance, or GST Software, please contact Bifrost Tech Sdn Bhd at 04-6459769 / 04-6384789 or email to our support team at support@bifrostech.com or visit our website at http://www.bifrostech.com

Penang GST Software and Consultant - What to do with GST

If you business revenue is more than 500K, you are shortlisted must registered to submit GST, which mean you have to register before 31-Dec-2014.

Yes, you know you can't run away, but you never computerized your business process or you already using existing old system to handle it. What to do?

First, get a certified GST consultant (Bifrost Tech Sdn Bhd). Consultant will advice how to structure your company tax and sales.
Second, get a GST software. You can check with us (Bifrost Tech Sdn Bhd) to let us advice you how can we customize existing GST software to fit into your business.
Third, plan the schedule to prepare for it. Don't wait till next year as we for see it will be a huge request from every SME. Get yourself prepare rather than rush at last minute and impact your daily routine.

What to take note about GST implementation. It's will generate biggest impact to business that offer credit term to your customer. Remember, GST charge by invoice, not by your customer payment. Before your customer clear the payment, you have to pay for the GST when it's due date. Call us to understand how can we help you to structure to smoother the transition. 



For more details about GST Training, GST Guidance, or GST Software, please contact Bifrost Tech Sdn Bhd at 04-6459769 / 04-6384789 or email to our support team at support@bifrostech.com or visit our website at http://www.bifrostech.com

GST-03 Document Generation with your existing ERP

We support customize our GST module to fit into your existing ERP system. We are experienced to implement manual/automated data integration of your ERP system to our GST module. This solution is designed for users who not ready to change their existing system and their existing system not capable to support Malaysia GST.

Please find the attached screenshots for the GST-03 document format. 

For more details about GST Training, GST Guidance, or GST Software, please contact Bifrost Tech Sdn Bhd at 04-6459769 / 04-6384789 or email to our support team at support@bifrostech.com or visit our website at http://www.bifrostech.com

Penang GST - Impact on Property Market

How GST Will Impact Home Prices & The Property Market

With the coming implementation of Goods & Service Tax (GST) in April 2015, many Malaysians are concerned with what this bodes for prices in general. It is inevitable that home prices will also be affected. In this article, we explain how home and property prices will be affected moving forward.

To properly appreciate how GST will affect home prices, it is necessary to first understand how GST works. (Click here for a detailed but simple-to-understand explanation of how GST in Malaysia works).

Aside from GST, one must also have an understanding of the Sales Tax, which is the existing tax scheme affecting the property sector. GST will supplant the Sales Tax come April 2015.

Tax Scheme on Residential Property – The Similarities

In comparing both tax schemes, we have to first identify their similarities.

One similarity between GST and the existing Sales Tax scheme is that no taxes are charged or will be charged to the consumer on the purchase of a home / residential property. For GST, residential properties fall under the “Exempt Rated” basket of goods. (But do take note that GST will be charged to the consumer for commercial property purchases as commercial properties are “Standard Rated”).

However, during the creation of the final product (also known as the input stage in tax parlance), under both tax schemes, developers would incur taxes during procurement of their inputs and materials. And this is where the differences start to become apparent between both tax schemes. The tax rate for inputs and materials vary between GST and Sales Tax.

Sales Tax VS GST for Residential Properties – The Differences

Based on the Sales Tax Act of 1972, basic building materials such as bricks, cement and floor tiles fall inside First Schedule Goods, in which all the goods in this category will not be subjected to sales tax. Meanwhile, other building materials fall inside Second Schedule Goods, in which all the goods in this category will only be charged sales tax of 5%.

Under the new GST implementation, all building materials and services (E.g. Contractors, engineers) will be subject to GST with a standard rate of 6%. This will invariably raise the production cost for developers.

If you understand how GST works, you will notice that in most cases, the additional tax cost is simply passed on to the final consumer (Standard-Rated goods), or is claimed back from the government (Zero-Rated goods). But in this case (Exempt-Rated), the additional tax cost is borne by the party before the final consumer – The developer.
The developer does not have a next “victim” in the supply chain.

This seems like good news for home buyers as they do not have to pay GST when purchasing a home. However, one should not be too happy about this. It is no stretch of the imagination to think that developers would try to build in the additional tax costs into the final sale price implicitly.

Before & After GST – A Comparison

The tables below show a comparison between the cost of a new property before and after GST. Certain taxes and costs leading up to the sale to the final consumer have been simplified for this purpose.
Also, an assumption is made that developers are able to transfer 100% of all incurred tax costs over to the consumer via the sale price.

Penang GST Training

Penang GST Training

For more details about GST Training, GST Guidance, or GST Software, please contact Bifrost Tech Sdn Bhd at 04-6459769 / 04-6384789 or email to our support team at support@bifrostech.com or visit our website at http://www.bifrostech.com

Jewellery Manufacturers - GST Exempted or Zero Rated

The AJS is introduced under the GST Act 20XX to help jewellery 
manufacturers, including toll manufacturers, overcome cash flow problem created by huge input tax payments coupled with slow or no output tax collections. 

Under the GST Act, tax charged on supply of precious metals made by a 
taxable person (supplier) to a jewellery manufacturer (approved jeweller) under the AJS will become the liability of the manufacturer and not the supplier. Hence, the supplier does not have to account for output tax on such supply. On the other hand the approved person is not obliged to pay the tax to the supplier but shall account for payment of GST on the supply. 

When such prescribed precious metals are subsequently manufactured into 
finished goods and supplied as jewellery to the local market, the approved jeweller 
has to account for output tax. If such finished goods are exported, they are to be 
zero-rated. 

Jewellery is not defined under the GST Regulations. However, it includes 
ornaments such as bracelets, necklaces, rings, bangles or earrings made of precious metals, set or mounted with gems or imitation gems that have high economic or commercial value. 

Definition of “prescribed precious metals” 
10. The definition of prescribed precious metals as defined under the GST 
Regulations refers to: 
(i) Gold which contains at least 99.5% in purity; 
(ii) Silver which contains at least 99.9% in purity; and 
(iii) Platinum which contains 99% in purity. 

When to account for output tax 
11. The time of supply for an approved jeweller is the earlier of the following: 
(i) when he receives the related invoice, or 
(ii) when he makes payment to the supplier


For more details about Jewellery ERP, Or GST Software, please contact Bifrost Tech Sdn Bhd at 04-6459769 / 04-6384789 or email to our support team at support@bifrostech.com or visit our website at http://www.bifrostech.com