GST is a tax on domestic consumption. Tax is paid when when money is spent (or consume) on goods and services.
GST will affect NOT ONLY accounting, finance, or tax personnel, but ALL levels of staff in a Company, including those from sales, operations, logistics and even human resource.
The safest and surest way to ensure that your business is ready for the eventual introduction of GST is to invite an experienced tax consultant to conduct a comprehensive review of your business, to assess what needs to be done to make your business GST-compliant.
The next best thing you can do is to attend GST seminars and workshops organised by the government, business associations, and tax firms.
One of the things to look into is the accounting and invoicing system. Your business and management software should support the changes due to GST. If the software has been designed and written with GST in mind, a big load will be taken off your shoulder.
You should have a proper understanding of GST concepts and regulations so that you can have sufficient knowledge to ask the necessary questions from your consultants and software vendor.
Read more :
Basic GST Model in Malaysia
