Goods And Services Tax in Malaysia

With the implementation of the new Goods and Services Tax (GST) Act 2014 in Malaysia, large corporates and SMEs will face both challenges and benefits. Computing and filling GST returns can be an uphill task but this should not worry you as our team of professionals is here to help you overcome the challenges and work on your GST returns efficiently.

As announced in the Malaysian budget in October 2013, Goods and Services Tax is levied at the prescribed standard rate of 6% and GST registered companies should collect GST from their customers on taxable supplies with effect from 1 April 2015 onwards. If your company is GST-registered, you should pay the GST collected to the Royal Malaysian Customs Department (RMCD) on time in compliance with the law. This can be a tricky situation especially when it comes to the comprehensive computation and filing of accurate returns. Our team of GST experts will help you in this process, thus helping you to comply and avoid any challenges or penalties associated with non-compliance with the GST regulations. Filing inaccurate GST returns could lead to 3 year imprisonment or penalty not exceeding RM50, 000 while filing returns after the stipulated timeline could attract penalties of 5% to 25%.

Whether your company is supposed to remit GST returns on a monthly or quarterly basis, our GST advisory services can guide you and your company to avoid compliance failures, thus preventing possible penalties or imprisonment.

Types of Goods And Services Subjected to GST Tax Malaysia

Goods and services tax is charged to consumers on the supply of goods/services if the following criteria are met:

  • The goods are made in Malaysia by a taxable person in Malaysia
  • The services are supplied in Malaysia by a taxable person in Malaysia
  • The goods/services are supplied for in the course of any business or business continuance
  • The goods/services are consumed by a person belonging in Malaysia
  • The goods/services does not fall under the zero-rated or exempted order in the GST Act 2014.

Goods and services Exempted from GST in Malaysia

The following supplies are some of those that qualifies for exemption from GST:

  • Registered childcare services
  • Licensed private healthcare services
  • Financial services (excluding bank charges and fees)
  • Rental of land or building for residential or agricultural or general purposes
  • Public transport services including express buses, taxis, feeder buses
  • Funeral, cremation, and burial services
  • Educational services (including exam services, course materials, accommodation, transport and food)

Benefits of GST Registration You Should Know

  • Could help companies reduce business costs since companies can claim GST input tax from the government on the GST that was paid.
  • Voluntary registration will therefore maintain the competitiveness of a business as the business does not have to absorb the GST cost.
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Requirements & Documentations Required for GST Registration

To register for GST, your company must first of all be providing a taxable supply. Your company must register for GST if the annual turnover exceeds RM500, 000 or your company can register voluntarily if the annual turnover does not exceed the threshold. If your company engage our services, we will help to prepare the necessary documentations for GST registration and we will help to file the GST returns within the stipulated timeline.

Our team can also help put together all the required records running back for 7 years in the case whereby your company is selected for GST audit by Director General of RMCD. These important records should include:

  • Exportation documents
  • Importation documents
  • Records of goods and services received or supplied
  • Quotations and contracts showing GST amounts

When To File GST Returns

The deadline for filling goods and services tax returns is the final day of the month after the taxable period. By working with Accounting Services Hub, we will help to submit the GST returns to RMCD by the last day of the following month after the end of the taxable period.

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