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
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
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
These are taxable supplies that are subject to a zero rate. Businesses are eligible to claim input tax credit in acquiring these supplies, and charge GST at zero rate to the consumer.
How GST works on a zero rated supply :
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| Penang GST |
For more details about 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
In Malaysia’s Budget 2014 speech, the implementation of Goods and Service Tax (GST) was perhaps the hottest topic. To be introduced in April 2015, it will replace Malaysia’s Sales tax (10%) and Service tax (6%). Under GST, most of the goods and services (except basic necessities) will be charged a tax rate of 6% at every stage of the supply chain. The question now on everyone’s mind – How will life be after GST?
To identify the most likely effects, we must first understand the different implementations of GST and their mechanisms.
Types of GST
There will be three different categories of goods & services under the GST scheme in Malaysia. They are:
I. Standard-Rated GST
Goods and services in this category will be charged a tax rate of 6% at every stage of the supply chain. The tax is billed and collected by businesses and paid to the government. Every party except the final consumer can claim back credits on the GST they already paid (known as input tax). Examples of the goods in this category are cloth, car and fruits. The following diagram shows how Standard-Rated GST works:
For more details 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
