How to deal with GST

How To Deal With GST

Loh Boon How Chartered Accountant

B.H. Loh & Associates

Mandatory register

• If the business exceeding the annual threshold of RM500,000 are liable to registered,

• Including sole-proprietorship, partnership, company, non-profit organisation, society and any other person,

• Custom will allocate a GST identification number for the registered person.

Registering your business


Voluntary register

• Not exceeded the defined threshold, may select the voluntary registered,

• Subject to Director General of Custom approval,• The registered person required to maintain the

registration for at least 2 years,• Submit registration form GST 01 to the nearest

Custom office or online Tax Access Point (TAP)

Registering your business


Group registration

The holding company holding at least 50% of issuing capital of all other subsidiary companies,

The control could either be directly or indirectly,

Nominate a group representative to submit a group tax return,

The supply between the member are disregarded from the GST.

Select the type of registration


Branch registration

The branches are required register separately and allocate number and file their own tax return,

The taxable person is responsible to all its GST of the branches,

The supply between member are disregarded from GST.

Select the type of registration


Full tax invoice

Once registered, issue a full tax invoice after 21 days of supply,

The particulars likes GST identification number, the payment before GST, the GST charges and total tax payment after charging of GST.

Issuing a tax invoice


Simplified tax invoice

You can always apply to very your tax invoice with less particular this is known as a simplified tax invoice,

A prior approval from Director General of Custom is required.

Issuing a tax invoice


Whatever purchases that you have incurred is subject to GST, therefore entitled to claim back the GST input tax,

When you charge GST to your client, the amount that you have collected is an output tax and may offset with the input tax,

The input tax could be claim back within 6 years from the Tax Invoice date,

Claiming an input tax credit


When the amount of excess output tax, you may need to repay to the government within specific date,

However, when you have an excess of the input tax you may refund from the government,

The simplified tax invoice may claim the maximum amount not exceed RM30.00,



However, if you intended to claim more that RM30.00, then you need to obtain a full tax invoice,

Not all input tax are claimable, such as purchase of passenger car, entertainment expenses, medical fee to employee and so on are blocked.



You must submit a tax return before the last day of the following month after the end of the taxable period,

The taxable period is where the taxable person is liable to account and pay their GST,

If the annual turnover more that 5M, the taxable period is a monthly basis, if less that 5M is a quarterly basis,

The default mode is quarterly basis,

Filing the tax returns


You may very the taxable period with the approval of Director General of Custom,

The tax return form GST 03, could submit online, by postal and in the nearest Custom office.

Filing the tax returns


You must pay GST before the last day of the following month after the end of the taxable period,

The GST should pay through the appointed bank or inter-bank transfer facilities and the payment must payable to “Ketua Pengarah Kastam”

Any refund will be offset against other unpaid GST, customs and excise duties and the refund will be within 14 days, if submit online or 28 days if submit manually.

Paying a GST


If you have any enquiry, please

Surf our website : www.bhlohass.com.my

Email to us: [email protected]

Call us : 6016-4893382

Thank you

http://www.bhlohass.com.my/

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Business

How to deal with GST