The start of the taxable period is determined by beginning of the month when the taxable person has breached the threshold of RM 500,000 for mandatory GST registration.
Why is it important?
- This is the proper determinant on when tax returns are due.
What are the conditions?
- Total taxable supply of less then RM 5,000,000 per 12 months – Quarterly submission
- Total taxable supply of more than RM 5,000,000 per 12 months – Monthly submission
What if I don’t?
How does Sage handle this requirement?
Our products handles this requirement from a few perspectives.
- In our dashboard we continually monitor the taxable supply, especially important for businesses which have yet to reach RM 500,000 in annual taxable supply.
- Once triggered, the Sage product will keep track of your taxable period and provide key details such as the next taxable period.
Complete GST Solution
With over 25 years of experience and over 500,000 users, we now deliver to you Sage UBS with proper GST support. Reviewed by Tax Consultants and approved by the Royal Malaysian Customs for the purposes of the SME subsidy.
Even more Integrated
People are working closer together to generate the maximum output and taking this opportunity, the 2015 version introduces exciting and refreshing changes that integrates our various products to give you a complete view and control.
We have discussed the expectation with a lot of customers on what they wished to see with the upgrade to GST and we are delivering it now. Learn about what it means and how easy it is to upgrade from what you have now to Sage UBS 2015.
Launch into the Internet
Yes, many do not believe it but Sage UBS can even go onto the internet to deliver critical information to you. Find out how easy it is and what exciting information you can get from Sage Connect. Works on all browsers and up in minutes!
Accounting software is more than just journals and reports. Create Alerts, Messages, or Chat with the Helpdesk to solve your issues. Learn how connected services can enrich your total experience with our products.
As per our earlier announcement, Sage UBS and Sage 50 products have been duly certified by JKDM. There are very specific changes to the software to support the more important requirements from JKDM especially calculating the proper GST to be applied, the GST return as well as the GAF which is the GST audit file.
The implementation of GST as per current information is still in April 1, 2015, however, we understand that a lot of companies would like to test and try these features and start their preparation. Therefore our 1st release of GST features, as per the requirements of JKDM will be in May.
What does this mean?
1. If you have an active Sage Cover contract, your update will be automatic via our online update facility that will give you non-intrusive, silent update in the background via the internet. By default the GST features are not turned on. This is to ensure that there is no disturbance to your current working environment. Information and details will be further provided during this future release.
2. If you do not have an active Sage Cover contract, you will need to purchase an upgrade. By having this upgrade, your Sage Cover contract is active again and you will continuously receive all future updates to your product, as long as Sage Cover is active.
Why online update is important?
We are expecting that continuous changes will be made as JKDM and we ourselves get ready for GST. Having an online update facility will ensure that any updates to your product that is necessary will be delivered to you, seamlessly, with as little intrusion as possible to your daily work. We already enjoy such simple and smart implementations in our every day life such as updates on our smartphones as well as PCs and also cars! Have the peace of mind to just focus on your business while we take care of the rest.
In addition to the convenience, this will mean that it is not necessary to ask or have someone to delivery a CD to you nor require a person to update the software for you, saving you both time and cost.
Where do I start?
We have always focused on GST Compliance as a goal from the start and it means that the software is an integral part of being compliance but there are other areas as well.
1. Get your GST knowledge. You can only handle and understand what you know therefore it is imperative that you have at least the basic GST knowledge. This of course is not limited only to the accountant but to all aspects of the business as it will impact your pricing, operations and work processes as well. Get a quick start with our GST 101 essential GST training.
2. Get automated. If you are reading this, you are well on your way to getting yourself automated with software. Due to the fact that GST is highly transactional, which means that it is tracked per invoice, it is highly suggested that you automate your business process. The documentation requirements are high and you do not want to be on the bad end of the law.
3. Get implemented. Sage will be announcing an implementation workshop for GST which will take you on a a step by step journey on getting yourself ready for GST. Look out for the first launches of GST 201.
- No skipping /missing serial numbers used.
- All adjustments must be handled via the issuance of Credit/Debit Notes
- Reason appropriately applied.
- Linked Tax Invoice number and date
- 128. If a tax invoice is lost or replaced, a recipient may request the supplier to issue a replacement copy of the tax invoice marked as “COPY ONLY” or “DUPLICATE.” This procedure is necessary to enable the recipient to meet the documentary requirement for claiming input tax.
- Print Control
- A Tax Invoice allows a buyer to claim for Input Tax Credit. (ITC)
- The following criteria must be fulfilled for a proper Tax Invoice.
- The word Tax Invoice is in a prominent place.
- The invoice is a serialized number.
- The date of the invoice issuance.
- The name, address, GST identification number of the supplier.
- The name of the address of the buyer.
- The description sufficient to identify the goods and services supplied.
- For each description, the quantity of goods or the extend of all the services and the amount payable including tax.
- Any discounts offered.
- The total amount payable excluding tax, the rate of the tax, and the total chargeable to be shown separately.
- The total amount payable including the tax chargeable.
- Any amount if converted into Malaysian currency (RM) if expressed in a foreign currency.
- State separately the gross total amount payable in respect of each supply and rate. (i.e. separate amount for exempt, zero, standard or other supplies)