GST Malaysia Calculation

Effective 1 April 2015, Malaysians is implementing Goods and Services Tax (GST)  standard rated 6% or zero rated or exempted and exempted supplies.

"Persons" having businesses with annual sales turnover exceeding RM500,000 are liable to be registered under GST. "Persons" include an individual, sole proprietor, partnership, company, trust, estate, society, union, club, association or any other organization including a government department or a local authority which is involved in the business of making taxable supplies in Malaysia.
The annual sales turnover can be determined based on either:

• The total value of taxable supplies of the current month and the previous 11 months, or
• The total value of taxable supplies of the current month and the next 11 months.

Based on the table listed above, a business operator needs to register themselves in GST before able charging taxes to consumer. They may experience the following :-
a. Daily detail sales records is being captured.
b. Daily detail purchase records is being captured.

Therefore during year 2014, business operators are recommended to hold a proper accounting records, and to do a 100% stock check.



To facilitate the stock take process, online stock take system is available.

http://stevenmoo.no-ip.biz/demo/stktake.avfp

User : user1
Password : keydata

User : user2
Password : view

Market already has a mobile barcode capabilities to capture data for stock taking on the mobile phone. Well, GST create a tedious job for accounts people and book keepers. Please do ensure you have kept the records in order.

A configuration similar to :



GST is coming, everyone is therefore being advised to be very careful in spending or becoming a smart spender.