GST and you.
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  1. #1
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    GST and you.

    GST affects all of us. Please contribute to this thread any information or questions you might have.

    I'll start.

    1) GST will be collected by the Royal Malaysian Customs and not by IRB, effective 1 April 2015.

    2) All businesses with taxable purchases (not sales) exceeding RM500,000 per annum will have to register with the Customs Dept by 31/12/2014.
    You can go to the Customs website to register online or download the form, fill it up and send by mail.

    3) From the form which I have downloaded I notice there are four categories of goods i.e. Standard rated supply, Export supplies, Local zero-rated supplies and Exempt supplies. Those in business will have to find out which category your goods/products fall into. What are local zero-rated supplies? What items are exempted?

    4) There are vendors selling GST compliant accounting software. Businesses definitely need some kind of new or updated accounting software.
    " In the land of the blind the one-eyed-jack is king."

  2. #2
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    Cut down on spending where able, earn more to keep up! Deal with it to counter paying more tax.

  3. #3
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    Any GST in Langkawi / Labuan ? otherwise business will be good there ...

    Any reduce in Personal Income Tax Rate ?

    Inflation + GST , salary earner :

  4. #4
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    I just registered my daughter for kindy next year. And I found out they have increased their price in preparation for the GST next year. Sigh.
    A wise man refrains from talking but a fool utters rubbish.

  5. #5
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    How Malaysians Pay Bills sum it up:-

    https://www.youtube.com/watch?featur...&v=F80idcUPmbk

  6. #6
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    Quote Originally Posted by LMei View Post
    I just registered my daughter for kindy next year. And I found out they have increased their price in preparation for the GST next year. Sigh.
    This is the part I don't understand, how the shop owner/seller increase their prices "to prepare" for GST? What is there to prepare? It has not been implemented yet!

  7. #7
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    GST is a tax businesses collect on behalf of the Government. Output GST (the 6% on your selling price) - Input GST (the 6% on your buying price) = Amount they remit to Customs. They are just collection agents. The cost increase is just the GST compliant accounting software (one off) and administrative. It shouldn't be a reason to increase prices, but sadly, many people are taking advantage.

    With the GST the 10% sales tax should be removed. Otherwise people will be paying one tax on another tax. Import and excise duty is another matter.
    " In the land of the blind the one-eyed-jack is king."

  8. #8
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    Order from overseas also got GST. Import cost + import duty are subject to GST.
    U won't miss what U don't know and U won't know what U are missing!

  9. #9
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    Quote Originally Posted by Challenger View Post
    Order from overseas also got GST. Import cost + import duty are subject to GST.
    Wah, so different from here.

    Here businesses are crying foul because anything you buy On-Line is cheaper & not subjected to GST.

  10. #10
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    Quote Originally Posted by Challenger View Post
    Order from overseas also got GST. Import cost + import duty are subject to GST.

    Nope you only pay import duty. For Malaysian Customs to collect GST someone must issue you a tax invoice to charge you the 6% GST. For example, is Amazon.com going to charge you the 6% and remit to Malaysian Customs? Even if it says Tax Invoice on the top the GST column is blank.

    Buying online locally, if the seller is based here, is different. You will still have to pay GST.
    " In the land of the blind the one-eyed-jack is king."

  11. #11
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    Nevermind..lets see how we're all affected and what price to pay come this April thereon. Compare notes then?

  12. #12
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    Quote Originally Posted by Henry T View Post
    Nope you only pay import duty. For Malaysian Customs to collect GST someone must issue you a tax invoice to charge you the 6% GST. For example, is Amazon.com going to charge you the 6% and remit to Malaysian Customs? Even if it says Tax Invoice on the top the GST column is blank.

    Buying online locally, if the seller is based here, is different. You will still have to pay GST.

    I need to make a correction here. My bad.

    Challenger is correct. For imports the Customs will "wallop" 6% GST on top of the x% import duty at the point of import (airport or seaport). This will be the importer's input GST. By doing it this way the Gomen can make use of your money first. Say, you import a million worth of goods but you only sell half a million. This means until you sell the other half a million the Gomen can continue to use your money.

    For the importer this is still better than the current 10% sales tax. You won't get it back whether you sell the goods or not. It becomes your cost. For local purchases it is pretty straightforward. The seller presents you a tax invoice you pay the GST. No tax invoice, no pay.
    " In the land of the blind the one-eyed-jack is king."

  13. #13
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    GST is a good thing for a country le...
    Just what our gomen use with the GST which is bad...

  14. #14
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    Quote Originally Posted by aursong View Post
    GST is a good thing for a country le...
    Just what our gomen use with the GST which is bad...

    Death and taxes, remember? This is something we cannot escape. It is an honour to be able to pay tax, but what they do with the money is a different story.
    " In the land of the blind the one-eyed-jack is king."

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