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Goods and Service Tax (Input tax (Blocked input tax (aka EXCLUDED input…
Goods and Service Tax
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Effect from 1.4.15, GST replaces sales tax and service tax
Basic tax point (BTP) is the time when customers acknowledge receipt of goods or when service are performed
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If more than 21 days, TOS falls back to BTP
7.Price
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Business operator that display, publish or advertise quotes must include GST
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- Notes on Zero Rated and exempt supply
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"exempt" supplier still suffer the GST as they are not allowed to claim input tax and this allows the government to provide some relief to the consumers while still collecting GST along the supply chain.
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Types of supply
Out of scope
no GST implication, eg: service provided by government, employment income, fines
Taxable Supply
Either Zero Rate (rice, sugar, agriculture) or 6% (Standard Rate)
Exempt Supply
Exempt from imposition of GST (eg: Intrrest income, Rental income of residential property, medical and education service)
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Designated areas (Labuan, Langkawi, Tioman)
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IF threshold EXCEED: business is liable to register GST within 28 days from the end of the month when the threshold was met. Effective date of the GST will be the first day following month
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Benefit is expressly stated in the employee handbook, employment contract or company policy then GST will be disregarder (no GST implication)
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"Free gifts" to customers, suppliers etc. is subject to 6% output GST if the gift value exceeds RM 500
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