While waiting

What Accounting personnel &

business owner should do now?

Accounting records are updated

Duration: 1 months* (estimated) * The duration may varies. It subject to the schedule allocated, engagement period, the response time and the time factor that may affect the whole process.

** This is a set of recommended GST-SST effective transition strategy. We recommend businesses with a complicated business structure to contact us for more clarifications.

Compile all documents especially GST related

To compile all documents related
to GST era and recommended
to keep for at least 7 years

To facilitate outstanding GST refund
more effectively

To facilitate GST Audit if it is
triggered by the relevant
authority

Continue to submit GST return until further announcement

To submit GST-03 and continue to pay GST to the authority.

 

Respond and reply to the authority if there is any ongoing communication or correspondence.

 

Wait for new ruling patiently and check for the transition requirement

 

If there is audit in process, do continue to cooperate with RMCD

Stock records are updated

To ensure stock records are updated to facilitate smooth
transition to SST

 

Take note the possible impact on the input tax claimed for
unsold goods and work in progress

 

Treatment for returned goods or exchange

Wait for new ruling patiently and check for the transition requirement

 

If there is audit in process, do continue to cooperate with RMCD

Recheck your pricing strategy which includes
compile your costing measures

Similar to the transition from SST to GST in the past, it is important to review

Supply-chain pricing structure

Check the costing before and after the transition

In the process of changing pricing structure, check for profiteering elements that might violates anti-profiteering regulation

Review the contracts with your supplier and customer which is good for planning

If there is an opportunity to review contract, it is
important to prepare for contracts revision in accordance to the upcoming Sales & Service Tax with your suppliers and customers to avoid unnecessary disputes in the near future.

If opportunity to review contract is not available, the next course of action shall refer to the upcoming Sales & Service Tax guidelines and relevant legislation.

Review the maintenance contract
(type of support)
with your IT, accounting and POS vendor

 

Check and verify whether your accounting software or POS vendor will  be able to support the compliance required for
Sales & Service Tax in the near future*

*In the event your business is required for Sales & Service Tax registration

Get in Touch

D-01-01 Menara Mitraland, Jln PJU 5/1 Kota Damansara, 47810 Petaling Jaya.

info@malaysiasst.com.my

+603 7499 2889