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Nov
27

Why there’s always different for GST calculation on the tax invoice ?

written by IT Evangelist

When GST being implemented in Malaysia, many business operators faced the problem whereby when the users key-in the tax invoice being received from supplier into the system, sometimes it will have different, but sometimes nope. Most users will thought it’s the error, in fact, it’s happened due to non standardize of the calculation among the GST accounting software in Malaysia.

Following is the example and explanation :

INVOICE 1001 :
PRICE WITH GST GST AMOUNT GST AMOUNT PRICE BEFORE GST
ITEM A 104 5.8868 5.89 98.11
TOTAL 104 5.8868 5.89 98.11

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Nov
14

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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Nov
1

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

Read More About - Malaysia GST : Impact of GST for Businesses after 1 Apr 2015 »

Oct
14

Malaysia GST : Differences between Grade A (Advance) vs Grade B (Basic) GST Compliant software

written by IT Evangelist
Malaysia GST : The differences between Grade A (Advance) vs Grade B (Basic) GST Compliant software as below:
 
Functions / Attributes Basic Advance

 
Setting up Tax Code
Purchase Transaction for Taxable supplies
Sales Transaction with standard tax codes
Filing for Purchase Transactions (Full Tax Claimable)
Filing for Sales Transactions (Full Tax Claimable)
Generation of GST-03 (Without TX-RE)
Generation of GST Audit File (GAF)

Read More About - Malaysia GST : Differences between Grade A (Advance) vs Grade B (Basic) GST Compliant software »

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