Goods and Services Tax


GSTRecently, the Malay Mail Online published on their website about a just-released public opinion survey carried out this month by independent pollster Merdeka Center, 55 per cent of the 1,005 respondents said that they did not understand how the GST worked. Out of the total, 20 per cent of Malaysians said they know nothing about the GST, while 35 per cent said they do not know very much.

On January 2014, there will be a FREE online seminar to share the practical tips about GST implementation and application in both English & Mandarin. Registration page is at http://foundermethod.com/gst-training-malaysia

There are many GST workshops or sessions conducted by accounting firms that are highlighting this issue. However, this online seminar is specially cater for people who are time pressed or geographically isolated to attend physical seminars.

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GST

Falling into the family of indirect taxes, the GST is intended to replace the Malaysian service tax and sales tax. GST will be introduced gently and at a rate that would not burden the poor or the middle-class.

It is assumed that the Royal Malaysian Customs would be the authority in charge of administering the GST.

The GST, also known as a consumption tax, is a tax levied on supplies of goods and services. To the man on the street, it is incurred only when money is spent.

If no consumption occurs, no GST is suffered by the individual. This can be contrasted with an income tax which is payable when income is generated.

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GST

Goods and services tax (GST) is a tax on the final consumption of goods and services. It is also known as value added tax. GST is a multi-stage tax, which imply that the Government will collects taxes at various stages along the delivery process.

GST is ultimately passed to the consumer even though the intermediaries such as manufacturers, wholesalers and retailers paid the taxes during the production and distribution process. Therefore, GST is not a cost to the intermediaries and it will not reflected in their financial statements as an expenditure.

Below are the most commonly use terms in GST.

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