Changes in GST

 

Changes in GST

With the recent announcement from the Ministry of Finance, the GST rate as of 1st of June 2018 would change from 6% to 0%.

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So how is this going to change your operation?

From what we understand, this would still be applicable.

  • Companies that has a turnover of more than RM500,000 (in a 12 months period) is still required to be registered under the GST Act.
  • Companies would still need to issue tax invoices but with the rate of 0%.
  • Companies would need to submit GST returns according to the company taxable period.
  • Companies can claim back the input tax for supplier invoices.

With this change, there would also be some uncertainty that we would have to address. This would be on products wholly or partly removed or made available or the services wholly or partly performed before the date change.

For more information on this, please refer to the following sections of the GST Act.

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