10 benefits of GST for Malaysians

The Finance Ministry has come out with a list of 10 benefits of GST for the Malaysian business sector and consumers.

The 10 advantages of GST are

1. GST is an effective tax system.  It is a self-assessment tax and there are penalties to ensure compliance.  
2. GST is a transparent tax structure. The tax amount is clearly shown on the sales invoice.  Business and consumers will know exactly how much tax he or she is paying on the goods or services.
3. GST will ensure that everybody pays their fair share of taxes.  You pay tax when you spend.
4. Shadow business will be encouraged to register for GST, in order to claim for input tax credit.
5. With GST, there is a marked reduction in red tape and bureaucracy. 
6. GST will lower the cost of doing business.  The input tax paid is passed on to the next consumer on the supply chain, and is not a cost of doing business, unless you are not registered for GST
7. The lower income group will not be burdened.  The Malaysian government will give out BR1M aid to offset the impact of GST on the CPI (Consumer Price Index)
8. The export sector will become more competitive, as there is no tax on exports
9. For the nation, GST is an additional  form of income, other than income tax and petroleum tax
10. The prices of many items will come down, now that the GST tax is at a lower rate of tax of 6% compared to sales tax of 10%. 

It  is also noted that the GST implementation will have a direct impact on the CPI which would take 6 monhts to stabilise. 

Are you already planning to buy lots of toilet paper and other household necessities at pre-GST prices? .

   
Extracted from a Bernama news report of 10 advantages of GST
 

GST Malaysia Workshop & Seminar 2014

Malaysia GST is scheduled to be introduced in April 2015.  The uppermost question in everybody's mind is - which accounting software provides GST invoice and calculation.

We are conducting a series of workshops, entitled  "How to use MYOB Accounting software to track GST transactions"

Register at our dedicated website   MYOB Accounting System   

This workshop is ideal for :

• existing MYOB users

• business owners who currently outsource their accounts

• business owners who currently use other accounting software which is not  GST- ready. 
  
  If you intend to buy a new accounting software in 2014, it is best you ask about the vendor's preparedness and experience in  GST implementation.  

Come and find out how MYOB Accounting software helps SME's in Singapore and Australia cope with GST calculation and GST form submission,  and how it is ready to assist Malaysian SME's in time to come.  

The current MYOB Accounting Malaysia software edition is already GST-ready.   It is capable of  calculating the correct GST amounts paid and collected, whether it is going to be Standard Rated, Zero Rated, Exempt Supplies or Out of Scope Supplies.   At the end of the period, to print GST report, just click Print. 

Come and ask your questions, on the accounting software part.  This workshop is more about how the MYOB software will help you record your transactions on a timely basis, in time for GST reporting every month, or every quarter, depending on the circumstances. 

For specific GST questions relating to your business, we ask that you refer to the Customs Department officers themselves. 

 
In this workshop, we want to share our knowledge of the following topics to help you prepare for eventual GST implementation.  

1. Overview of the proposed GST model for Malaysia
2. Scope of GST
3. Impact of GST on EVERY company's cashflow position
4. Demo on how GST and non-GST transactions are tracked in MYOB Accounting software.
5. GST reporting in MYOB software

This workshop is a sharing session with MYOB users and non-MYOB users. 

It is very important that you understand the effects of GST on your business, so that you can better prepare for it. Then go back to strategise and plan your next move.

Once again, click here to register for the GST Malaysia workshop :   MYOB Accounting System . 


If  for whatever reason, the above event is not updated, please send us a feedback.