Transcript Accelerated Introduction to PRINCE2

General Concept of GST
INPUT
Manufacturer
OUTPUT
Business
Finished
Goods
(Sales)
Goods
Actual
Business
Purchase of Raw
materials,
Component parts
Machineries,
equipment
Service
Rent - factory
Audit fees,
Tax fees, Company
Secretary fees
Tax
point of
view
GST on inputs
= Input tax
Claimed
input tax
It’s a multi-level consumption tax=> “Pay as you consumed”
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General Concept
<Types of Supply>
Types of Supply
Output Tax
Input Tax
Standard Rated
6%
6% Claimable
Zero Rated
0%
6% Claimable
Exempted
No
6% Not Claimable
Out of Scope
No
Not Claimable
Taxable Supply
Non Taxable
Supply
<Time of Supply>
Before Delivery
Full / Part
Payment
Tax Invoice
Issued
After Delivery
Whichever
is earlier
21 days Rule Apply
Please issue tax invoice on time to avoid penalty
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Time of Supply – 21 Days Rule
≤ 21 days
Tax Points
(Actual)
Tax Points
(Basic)
File tax
return on
30 Jun 15
Issue of Tax invoice
within 21 days
Tax Point Change
20 Apr 15
> 21 days
Request:
Issue “Tax
Invoice” and
send to Client
immediate
after delivery
10 May 15
Back to Basic
Tax Points
(Basic)
Tax Points
Issue of Tax invoice in 23
days
20 Apr 15
File tax
return on
30 Jun 15
31 May 15
12 May 15
Incorrect Tax Return:
Penalty: RM50K or 3 years Imprisonment or both
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