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Agenda
N
o.
Agenda
Slides
No.
1.
2.
GST Registration
3.
Page
Supplier price
= 400
Manufacturer
price = 1,000
GST @ 6%
Supplier
Sale price = 424 (inclusive of GST)
Manufacturer
Sale price = 1,060 (inclusive of GST)
Local consumer
Payment to Manufacturer = 1,060
Page
Payment to
GST Authority
By Supplier
Output tax
24
Less: Input tax
GST payable 24
By Manufacturer
Output tax 60
Less: Input tax 24
GST payable
36
GST paid by
consumer
= 60
GST is charged on, any taxable supply of goods and services, by a GST registered
person in Malaysia and is called OUTPUT TAX
GST is recovered on your purchases used for the purpose of making a taxable supply
in the course or furtherance of business and is called INPUT TAX
Types of supplies
1.
Standard rated
Taxable Supplies
(apply to most goods and services)
2.
Zero rated
Taxable Supplies
(applicable to exports and sale of essential goods)
3.
Exempt
4.
Out-of-scope
Page
Input tax
recoverable
Types of supplies
Page
GST Registration
Mandatory Registration
Vendors who make taxable supplies and annual revenue
turnover above the prescribed threshold (RM500,000.00 per
year).
Registration will be opened 6-month before GST
Voluntary
Registration
implementation
date.
However, vendors can choose to register voluntarily even
though their annual revenue turnover below the prescribed
threshold (RM500,000.00 per year).
Liabilities to register are determined by:
Historical Turnover (based on turnover exceeds the
threshold in the past 12 months); OR
Future Turnover (based on turnover exceeds the
threshold within the future 12 months)
7
4. Pricing
Responsibility
as TNBs GST
registrant
vendors
2.
Deregistrati
on
5 Important
Points
3. Tax
Invoice
8
10
2.
Deregistration
11
3.
Tax Invoice
TAX INVOICE
A GST registered vendor must provide a valid Tax Invoice
to TNB.
The Tax Invoice can either be a Full Tax Invoice or a
Simplified Tax Invoice depending on the value of the
supplies but both must be in the format required by RMCD.
Both types of Tax Invoice will allow TNB to claim input tax
credit (ITC).
12
3.
13
14
Tax Unit
Group Finance
15
4.
Pricing
5.
17
18