Quick overview of GST
Wednesday, September 3, 2014
MALAYSIA GST 2015 : MISCONCEPTIONS AND TROUBLESOME?
IMA went for GST seminar...free seminar for SME just to get some overview on what is coming for GST.
See??? IMA not just about beauty event....in month of August IMA attended 2 academician talks.
One by SME which is regards to GST and the other was organized by MIM, a talk about Innovation.
Lets have some basic knowledge on GST...basic only!!!! If want to know the comprehensive one...please go attend the seminar yourself!!!
2014 Budget announced the GST will replace the current Sales and Service Tax effective 1st April 2015. Many companies as well as consumers are pretty nervous coming to the implementation which is counting down to another 7 months from now??
Is your company ready to accept this GST???
What is GST?
GST means The Goods and Services Tax.
GST is an indirect tax which , when introduced will replace the very much narrower Sales Tax and Services Tax (SST).
GST is very useful as revenue raising tool.
- We are not the first country to introduce GST.
- GST can be found at almost 160 countries around the world.
- GST shall be charged and levied on any supply of goods and services made in Malaysia and any importation of goods into Malaysia.
- Of course our govt not so cruel to implement this without taking into accounts on us as consumers.
- GST will not be imposed on basic food items , piped water supply, transportations services, first 200 units of elctricity , health, education,sales/purchase/ rental of residential properties and services provided by govt. etc.
- Threshold for registration is annual taxable turnover exceeding RM500,000/-
Quick overview of GST
There are many arguments that GST is regressive as the lower income group may need to pay more tax in proportion to their income. Yeah yeah...IMA one of them le...
Well...this be countered as essential items like basic food stuffs, will be zero rated or exempted.
On top of this greater proportion of the lower income group's spending would be zero-rated or tax-exempted goods as compared to the higher income group.
To name few consumer will not need to pay GST for critical services such as healthcare, public transportation, education and residential property.
Don't worry our Govt said they going to monitor prices closely!!!! (wink wink wink)
Govt also promised to act against those profiteer who are trying to pass their cost savings on GST to their consumers.
GST Impacts all aspects of BUSINESS?
You think only people in Accounts and Finance department only need to concern about GST???
See below...how this affect everybody in whole organisation....its all about team work.
For those who need more info about GST and have more questions....visit our custom website here and make sure your organization is getting ready for this GST.
Our Royal Custom are not going to be easy for those ignorance people...