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Consigment Sales

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Consigment Sales

Post by Evon on Mon Jun 22, 2015 2:39 pm

Hi,

For consigment sales (passenger motor car), the consignee is earning commission income upon sales of consigment goods.

My question:

1. Only the commission income he earned will be considered his income and charged to 6% GST and not the gross selling price of the motor car. Is this correct?

2. If the total commission income earned is less than RM500,000.00 although total gross selling price of vehicles is more than RM500,000.00 Does this mean that he don't need to register for GST?

Evon

Posts : 27
Join date : 2015-03-13

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Re: Consigment Sales

Post by joseph on Mon Jun 22, 2015 4:34 pm

Both correct.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Consigment Sales

Post by Evon on Wed Jun 24, 2015 3:53 pm

Hi,

A sole proprietor whom sold 9 cars last year for totalling selling price of RM1.8 Million on consignment sales basis. The commission he earned is RM108,000 in total i.e 6% of selling price.

Would like to as follows:

1. The car selling price or commission he earned to determine the GST threshold of RM500,000?

Evon

Posts : 27
Join date : 2015-03-13

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Re: Consigment Sales

Post by joseph on Wed Jun 24, 2015 6:00 pm

Commission earned.


_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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