GST Consultation Services
GST started on 1 April 2015. There are many GST changes after the commencement date to accommodate to dynamic business environments. However, SME with limited resources and supports are facing problems to understand and to keep track with the GST changes even though SME will face huge compounds.
Income tax services and GST services are linked. In fact, digitalisation will strengthen the connection between Income Tax and GST. The closer collaboration between the two tax authorities will require higher tax knowledge from SME.
Entrepreneurs who ignorance to the above latest development in Malaysia tax landscape may later on be surprised by non-compliance penalties which can be more than their hard earned profit.
SME without Proper System for GST Problems
- Lack of understanding of GST tax codes. SME using wrong tax codes may produce inaccurate GST return and consequently to be exposed to GST compound.
- Misunderstand the calculation of RM500,000 GST registration threshold. This will lead to late GST registration.
- Failure to register for “simplified tax invoice”.
- Under claiming input tax due to poor GST knowledge. In long run, the unclaimed input tax will increase the cost of operation and therefore affect SME’s competitiveness.
- Failure to realise that the company is a “GST mix supplier” and therefore over-claimed input tax.
- Claiming input tax for Blocked items. SME’s GST return is wrong and will be exposed to compound.
- Failure to comply with exceptional ruling for Blocked passenger car.
- Failure to comply with output tax ruling for deposits received / advances received.
All the above problems will have the explicit costs in the term of compound. Moreover, the above scenarios will have hidden impact on wasted administration effort, higher staff turnover and poor cash flow.
Teh & Partners assists clients to understand, comply and create competitive advantages on evolving GST laws & regulations. In order to assist SME to turn their limitation to become competitive strength, we are introducing a Zero commitment cost for GST checking program. Feel free to WhatsApp us for Free inquiries & consultation.
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Feel free to contact us for Free inquiries & consultation.