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2. GST is charged on:
Taxable Supply of Goods and Service
Made by Taxable Person
In the course or furtherance of business
In MALAYSIA
Imported Goods/Services
3. Type of supply Output Tax Input Tax Example
Standard-Rated 6% Claimable Scaffolding, Roofing, Truss,
Racking, Painting,
Installation etc.
Zero-Rated 0% Claimable Basic Food, Lives Stock,
300units of electricity,
Exported Goods & Services
Exempted No GST Not
Claimable
Public Transport, Tol,
Education, Healthcare,
Financial, Residential
Properties, Land for general
use.
4.
5. Strategy Formulation
Create awareness
Compliance with Law
Improve Efficiency
TOP
Management
--------------
Middle
Management
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Technical /
Operational
6. GST committee was formed with representative
from the respective department to undertake
the impact study on the area of :
Information System
Finance / Account
Sales & Marketing
Purchasing & Logistic
Human Resource
7.
8. Before 1 April 2014
At least 1 month for SYSTEM test run
Create awareness among all
After 1 April 2014
Monthly Submission on time
Not Changes Allowed after submit
Internal Control
9.
10. ERP system implementation
◦ Mapping of New Chart of Account
◦ Exchange rate in conformity with RMC requirements
◦ Documentation Setup in conformity with RMC
requirements
◦ GST Return form 03
◦ GST audit file
Accounting System Advisory Subsidiaries
◦ AutoCount
◦ SQL accounting
◦ SAGE 300 ERP
11. To review on current documentations
o Expenses Claims Form
o Monthly Allowances
To formulate new set of HR Policies
12. Review of all material contracts
Obtained appropriate registration
Cancel old sales / service tax license
Prepare for switch over date (trial run)
Apply for appropriate special scheme (ATS)
Identify Cash flow impact and optimization
Minimization of compliance cost
Maximize claim of input tax
Financial Application Impact (eg. BA, Term
Loan)
13. Pricing Strategy
Standard rated supplies (Products & Scrap)
Deemed supplies (Services & Labor)
Timing of supply (21 days rule)
Debts Management (6 months old debts)
Transfer pricing issues (Inter-Company Sales)
14. Vendor validation & Selection
o To request for vendor registration
o To study all material cost impact
o To study on indirect cost impact (eg. TPT cost)
o To minimize input tax (bonded warehouse)
15. Attend training run by professional body
Training of key staff (In house)
Engage external consultant to run the project
across subsidiaries.
16. To identify connected person and consider
transfer pricing issue
To optimise business models impact by GST
implementation
To optimise Corporate Structure for GST
efficiency