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Benefits of Implementing GST

written by IT Evangelist
GST Malaysia 2015

GST Malaysia 2015

GST is a good system for a country tax system, following is several reason that a country should implement a GST system :

1) GST is less susceptible to economic downturn because GST is a Consumption Tax, thus this can generate a stable source of revenue compared to income tax.

2) GST is more efficient because of “self policing”, “in-build cross checking features”, “enhance tax compliance”, and “less bureaucracy”.

3) Eliminate the weaknesses of Sales Tax & Service Tax. ( cascading effect & double taxation, compounding/pyramiding effect, tax embedded in goods exported, and transfer pricing ).

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Malaysia GST : Impact of GST for Businesses after 1 Apr 2015

written by IT Evangelist
Impact Before GST After GST
Filing Cycle 12 months Once – Turnover > RM 500K = 3 months once
- Turnover > RM 5 mill = Monthly.
Filing Details Profit & Loss Figure Itemized Details
Audit Method Manual Audit Computerized Audit
Computerized Optional Need to use GST Compliance System

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