service-3

Sales and Services Tax

Malaysian Government has announced the implementation of Goods & Service Tax (“GST”) during the tabling of the Budget 2014 on 25th Oct 2013 and on the Budget 2015 on 10th of October 2014. GST has implemented since 1st April 2015 and numbers of challenging work are required to ensure the level of GST compliance. GST is a broad based consumption Tax and it will replace the Sales & Service Tax (SST).

Generally, GST is charged on:

 

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

A person includes, amongst others, an individual, sole proprietor, partnership, corporation, club and any other body, organization, association or group of persons whether corporate or unincorporated.

A taxable person is a person who is or is required to be registered under the GST Act. The threshold for mandatory GST registration is an annual turnover of RM500,000. In some cases, a person who is not required to be registered may voluntarily elect to register for GST.

HSS Advisory has a GST department specialized in providing services relating to GST. The services are:-

GST Registration Work

Assist client to register for GST and obtain the GST approval number by fill in the relevant forms.

GST Full Implementation

GST Implementation is an important stage for a company that is new in GST. Preparation and setup are crucial steps to ensure the company is ready for GST.

GST Implementation work consist of a comprehensive analysis on the company:

  • Business model Analysis
  • Input Tax Credit Analysis
  • Supplier analysis
  • Customer Analysis
  • Employee Benefits Analysis
  • System Analysis
  • Legal Issue

System Implementation

  • Identify the appropriate GST Software that will assist in the accounting, billing including Point of Sale (POS), payment and reporting of GST to the customs authorities.
  • Setting up the system including installation of hardware and software.
  • Carry out user acceptance tests based on test scripts developed by us relating to the transactions carried out by your company.
  • Carry out rectification work after reviewing the results of the user acceptance tests to ensure that the correct GST treatment is applied to all of the company’s transactions.
  • Provide training to the staff to enhance the skills of the staff in using the system.

GST Computation

  • Compute Input Tax incurred and identifies the types of Input Tax i.e. claimable or not claimable. Advice on proper documentation and procedure.
  • Compute of Output Tax incurred and identifies the types of Output Tax i.e. standard rated, zero rated or exempted. Advice on proper documentation and procedure.
  • Verification and review of Capital Goods Adjustment, Bad debt relief, Bad debt recover, Partial exemption whichever applicable to your business. Advice on proper documentation and procedure.
  • Finalised the GST 03 summary with GST payable / claimable amount.
  • GST 03 submission on behalf of the company.
  • Inform client on the payment method.

GST Review

  • Review on Input Tax incurred and identifies the types of Input Tax i.e. claimable or not claimable. Advice on proper documentation and procedure.
  • Review on Output Tax incurred and identifies the types of Output Tax i.e. standard rated, zero rated or exempted. Advice on proper documentation and procedure.
  • Verification and review of Capital Goods Adjustment, Bad debt relief, Bad debt recover, Partial exemption whichever applicable to your business. Advice on proper documentation and procedure.
  • Finalised the GST 03 summary with GST payable / claimable amount.

GST 03 Submission Work

  • Fill in the related forms for GST 03 returns.
  • Submit the return to RMCD.
  • Inform client on the payment method.