Understanding Goods And Service Tax (GST) For All Industries

Introduction
GST – a multi stage consumption tax to be levied on goods and services at all levels of business transactions. It will replace the current Sales Tax and Government Service Tax schedule to take place with effect from April 2015, with the bill schedule to go to Parliament in the next sitting to become law.

The impact can be extensive to businesses and the solution is that we must be better prepare for its implementation and requirements. Taxable person is expected to start to file in their registration by the middle of this year
Course Objectives
  • Help to understand the basic mechanisms of GST
  • Better prepared for the implementation to minimized the risk
  • Appreciate the concept on how GST will be implemented
  • Understand the various schemes available for GST
Course Duration
2 Days
Who should attend:
  • Directors, CEO, COO, General Managers, Managers and Executives
  • CFO, Treasurers, Financial Controllers, Accountants
  • Planners and Lecturers
  • Entrepreneurs
  • Those aspire to be aware of GST mechanism and its effect on the prices after implementation.
Course Leader
Course Modules:
Day 1

1. Overview of GST in Malaysia
  • What is GST?
  • Why the sales tax and service tax (SST) need to be replaced with GST its benefits and issues?
  • Key implications of GST to businesses
  • Input tax, output tax, excise duty and custom duty
  • Taxable and non-taxable goods / services
  • Taxable supplies - standard rated supplies, zero rated supplies and exempted supplies
  • Tax for imported goods / services
  • Taxable period
  • Penalty for late payment
2. Responsibilities of Business in Relation to GST
  • Display price with GST - correct method of displaying
  • Submit GST returns on time
  • Making GST application:
    • When and how to register?
    • When to start charging GST
    • What is GST registration number?
    • Penalty of late registration
    • Effective date of mandatory registration
    • Deregistration
3. Accounting Treatment for GST
  • How GST transactions will affect accounting records? - recording of transactions
  • Accounting for GST on sales & purchases
  • Types of business eligible for cash /credit basis
  • Purchases for input taxed activities
  • Purchases partially for input taxed activities
  • Accounting for GST-free supplies & input taxed supplies
  • Calculation of taxable supplies for GST
4. Managing Input Tax Credit
  • What is input tax?
  • Requirements for input tax claim
  • Primary documents - tax invoices
  • Conditions to claim input tax
  • When input tax claims are disallowed?
  • Recording input tax credit in accounting journal, general ledger and identifying accounts involve
5. Issuing Tax Invoice
  • When to issue tax invoice?
  • When tax invoice is not required? - zero rated supplies, exempt supplies, etc
  • Contents for a tax invoice
  • Types of tax invoices - full tax invoice, simplified tax invoice, self-billed invoice, proforma invoice and etc
6. Keeping Transactions Record
  • Tax invoices / simplified tax invoices / receipts issued or received
  • Business contract and agreement
  • Credit notes and debit notes
  • Import and export documents
  • Payment evidence
  • How long to keep records?
Day 2

7. Imported Goods & Services
  • What are imported goods and services?
  • GST for exported goods
  • GST relief on imports
  • GST liability on the recipient of imported services
  • Accounting for supply of imported services
  • Reverse Charge Mechanism
8. Claiming & Charging GST
  • Blocked input tax
  • Criteria for claiming GST refund
  • Gift
  • Billing domestic vs overseas customers
  • How to calculate GST correctly
  • Absorbing GST and its implication
  • How to display prices correctly
9. GST Tax Return & Refund
  • Recording return of goods (forms and returns)
  • Calculating GST for discounted items
  • Adjusting input tax credit missed
  • GST tax return periods:
    • Quarterly
    • Monthly
  • GST filing due dates
  • GST payment due dates
  • Refund for overpayment
  • Refund for error in payment
  • Refund for tourists
  • Remission by Minister of Finance or director general
10. Cash Flows Impact
  • Submitting correct and timely claims through invoicing procedures
  • GST schemes to suspend, defer GST payment on imports
  • GST facility to minimize cash outflows
  • GST relief to reclaim back GST paid
11. Partial Exemption, Apportionment, Capital Goods & Annual Adjustment
  • Definition of the term ‘partial exemption’
  • Methods of apportionment
  • Annual adjustments
  • Capital goods scheme and adjustments
  • Bad debt relief
12. Audits, Tribunal & Others
  • Different types of audits
  • Customs administrative tribunal
  • Anti-profiteering
  • Offences & Penalties
  • Others

Question & Answer Session

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