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Consigment Sales
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Consigment Sales
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?
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
Re: Consigment Sales
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
Re: Consigment Sales
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?
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
Re: Consigment Sales
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

» Sales Commisions
» Free Samples (Not For Sales)
» Consignment sales statement
» Sales and Purchase of Commercial Property
» Refund of Sales Tax for goods held on hand
» Free Samples (Not For Sales)
» Consignment sales statement
» Sales and Purchase of Commercial Property
» Refund of Sales Tax for goods held on hand
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» Consigment Sales
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