Who is online?
In total there are 7 users online :: 0 Registered, 0 Hidden and 7 Guests

None

[ View the whole list ]


Most users ever online was 25 on Thu Mar 12, 2015 5:00 pm
Latest topics
» This forum no longer accept new postings
Fri Jul 03, 2015 9:34 am by joseph

» Industrial Diesel
Fri Jul 03, 2015 9:11 am by joseph

» ICT industry
Fri Jul 03, 2015 9:10 am by joseph

» Input Tax (Passenger Car for business purpose)
Mon Jun 29, 2015 5:25 pm by joseph

» Conditions to Claim Input Tax
Mon Jun 29, 2015 3:12 pm by joseph

» Additional industry code
Sun Jun 28, 2015 5:53 pm by joseph

» Sales Commisions
Fri Jun 26, 2015 7:44 pm by Poon1

» Advance payment for services not rendered yet
Thu Jun 25, 2015 4:13 pm by joseph

» Turnover Below RM500,000 subequent to GST registration
Wed Jun 24, 2015 6:16 pm by joseph

» Consigment Sales
Wed Jun 24, 2015 6:00 pm by joseph

» GST Accounting Entries
Tue Jun 23, 2015 10:21 pm by joseph

» Advance payment received from Customer
Tue Jun 23, 2015 5:45 pm by joseph

Statistics
We have 351 registered users
The newest registered user is emtng

Our users have posted a total of 570 messages in 139 subjects
Search
 
 

Display results as :
 


Rechercher Advanced Search


Points to ponder before GST effective date

View previous topic View next topic Go down

Points to ponder before GST effective date

Post by joseph on Sat Mar 14, 2015 8:53 am

It is less than 3 weeks away to GST effective date on 01/04/15.

Some points to ponder:

Preparing for opening of business on 01/04/15:

  1. Decided on your pricing
  2. Confirmed with your consignors on the pricing to charge, if applicable
  3. Categorised your supplies into standard-rated, zero-rated, exempt, relief or out-of-scope supply
  4. Set default tax codes into your billing/point-of-sale/inventory control systems, where applicable
  5. Able to generate and print Tax Invoice in the appropriate format
  6. New menus, price display boards, brochures, quotations, online prices etc in the new prices are ready for a switch-over on the opening of business on 01/04/15
  7. The above are meant to ensure your Output Tax is captured correctly
  8. For operations, steps to ensure smooth transition from close of business on 31/03/15 to opening of business on 01/04/15
  9. Suspense staff leave 1 week before and 1 week after 01/04/15, if necessary
  10. If you intend to return any stocks to your suppliers (so that you don’t lose out on claiming only 20% of the sales tax refund), do so before 31/03/15. Ensure such transactions are reflected before GST is effective: delivery orders on the goods returned and suppliers' credit notes are complete before 31/03/15.

Preparing to capture April 2015 transactions in your accounting system:

  1. Accounting system is able to capture Tax Codes
  2. Default tax codes set for your sales and purchases/acquisitions/expenses
  3. If you are changing your accounting software - ensure all the initial setup for the new software is done - chart of accounts, debtors/creditors account codes, stocks codes etc
  4. The above are meant to ensure your Input Tax is captured correctly


_________________


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

Back to top Go down

Re: Points to ponder before GST effective date

Post by joseph on Sat Mar 14, 2015 8:57 am


_________________


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

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum