GST Management

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<ol><li> 1. Goods and Services Tax (GST) 11street Strictly Confidential </li><li> 2. 2 1. GST Policy 2. GST Option In 11street 3. Settlement in 11street 4. Attachments 1. Handbook for Goods and Services Tax (GST) 2. List of Taxable Goods and Non-Taxable Good 3. Guide on eCommerce Today Agenda </li><li> 3. 3 GST Policy </li><li> 4. 4 GST Policy Strictly Confidential Classification Description Concept - GST refers to 6% taxation imposed for values generated in relation to goods and services traded within the country. Taxation Scheme - Seller in each stage of transaction pays after collecting tax from customer in the next stage, and the value added tax paid in the previous stage is deducted from the tax payment amount. - As redundant taxation for the same added value should be avoided, the value added is transferred to the customer in the next stage and the ultimate consumer gets to pay the relevant tax. - Depending on items, zero rate or exempted rate is applied. Documentary Evidence - Seller (confined to business seller) should issue a tax invoice for value added tax collected from transactions. Taxation Type - Standard Rate: Applies to business sellers/GST (6%) is included in the product price. - Exempted Rate: Applies to individual sellers and global sellers/GST is exempted. - Zero Rate: Tax rate is 0, meaning no GST is applied. - Flat Rate: In case of specific businesses, lower tax rate (less than 6%) than basic tax rate (6%) and GST is included in product prices. </li><li> 5. 5 Filling Tax Returns Strictly Confidential GST returns must be submitted to the GST office not later than the last day of the following month after the end of the taxable period. Categories Periods Conditions Standard Taxable Period Three Months - Applicable to all taxable turnover not exceeding RM5 million Non-Standard Taxable Period One Month - Applicable to taxable persons with annual taxable turnover exceeding RM5 million - Applicable to other taxable persons on request and subject to approval Six Months - Special Cases Last Updated : 15/2/2013 23:27 source: http://gst.customs.gov.my/en/ib/Pages/ib_ftr.aspx 3 May 2015 </li><li> 6. 6 Paying GST Strictly Confidential Paying GST If your output tax exceeds the input tax, the difference shall be remitted to the Government together with the GST returns not later than the last day of the following month after the end of taxable period. Online payments through: Banks (to be appointed) Internet facilities Manual payment Payment via cheque/bank draft/money order must be made payable to 'Ketua Pengarah Kastam' and mail to: Ketua Pengarah Kastam Malaysia Jabatan Kastam Diraja Malaysia Pusat Pemprosesan GST Kompleks Kastam Kelana Jaya No.22 Jalan SS6/3 Kelana Jaya 47301 Petaling Jaya Selangor source: http://gst.customs.gov.my/en/ib/Pages/ib_pay.aspx 3 May 2015 </li><li> 7. 7 GST Option in 11street </li><li> 8. 8 GST Option in 11street Strictly Confidential Individual Seller Business Seller Global Seller Exempted Rate Non-GST Registered Seller GST Registered Seller Flat Rate Zero Rate Standard Rate Note: Seller is responsible for all legal, tax-related consequences arising from selecting GST, so please select carefully. Which GST option should i choose? </li><li> 9. 9 GST Option in 11street - Policy on Tax Invoice Strictly Confidential Classification Description Issuance Criteria of Tax Invoice - Can view and print tax invoices based on the purchases-confirmed - Issued based on seller type at the time of issuance. But if an individual seller at the time of purchase becomes a business seller at completed orders. the time of purchase confirmation, tax invoices are issued. - Credit notes can be viewed and printed only for cases cancelled by authority after its purchase is confirmed. Issued Amount of Tax Invoice Tax Invoice Amount = Product Amount Discount Amount by Seller (Discount by Seller + Amount Paid by Seller out of Discount by 11street) Printing Tax Invoice Print functions (buttons) are available for printing tax invoice with COPY mark and without. Seller is responsible for printed materials. 11street provides only functions to print original and duplicate copies of tax invoice. Print buttons are divided into Original/Copy print functions in the tax invoice preview pop-up and in case of printing duplicate copies, invoice will be marked as COPY. Users can manually select the printing form. </li><li> 10. 10 GST Option in 11street - How to Set Product Pricing Strictly Confidential Example 1: GST Registered Seller, Impose 6% GST to customer Product Selling Price (before GST): RM 100 GST (6%): RM 6 Product Selling Price (after GST): RM 106 Seller Office &gt; Product Listing &gt; Selling Price </li><li> 11. 11 GST Option in 11street - How to Set Product Pricing Strictly Confidential Example 2: Other than GST Registered Seller Product Selling Price (before GST): RM 100 GST: Not applicable Product Selling Price (after GST): RM 100 Seller Office &gt; Product Listing &gt; Selling Price </li><li> 12. 12 Settlement in 11street </li><li> 13. 13 Settlement in 11street - Sellers Output Tax Invoice Strictly Confidential Instructions Seller Office &gt; Settlement Management &gt; History Received Tax Invoice 2. Click Search 3. Select listing 4. Click Modify Selling Price Sellers Output Tax Invoice and Credit Notes will be issued by 11street (on behalf of seller) </li><li> 14. 14 Settlement in 11street - Sellers Output Tax Invoice Strictly Confidential Sellers Output Tax Invoice and Credit Notes will be issued by 11street (on behalf of seller) Seller Office &gt; Settlement Management &gt; GST Management Notes 1. Can view and issue tax invoices and credit notes for products sold. 2. Total Sales (at the time of return submission) = Sales Amount + Option Amount + Prepaid Shipping Fee Sellers Coupon Discount Amount Data are based on the purchase confirmation date. (Purchase confirmation date could be different from Transfer completion date of sales amount.) 3. The data are provided by 11street to guide sellers when they file their tax returns, so they may differ from the criteria of data aggregated by seller for tax return. 4. Please use these data as a reference only. (Additional fee details within the inquiry period are irrelevant to the return of value added tax. They are provided only for the convenience of sellers.) 5. Among purchases by buyers, tax invoices are automatically issued for business sellers products. (But tax invoices are not issued for products of Individual/Global Sellers.) 6. Tax invoice can be issued by product, and in case there are shipping fees, tax invoice for shipping fees can be issued as well. e.g.) Product A (Free shipping), Product B (Charged shipping), Product C (Charged shipping) 5 tax invoices are issued. Kelvin Level 25, NU Tower 2, No. 201, Jalan Tun Sambathan, KL Sentral, 50470, Kuala Lumpur Tel: 0327720000 </li><li> 15. 15 Settlement in 11street - Sellers Input Tax Invoice Strictly Confidential Instructions Seller Office &gt; Settlement Management &gt; History Received Tax Invoice 2. Click Search 3. Select listing 4. Click Modify Selling Price Sellers Input Tax Invoice will be issued by 11street to seller in 11street for the services provided </li><li> 16. 16 Settlement in 11street - Sellers Input Tax Invoice Strictly Confidential Sellers Input Tax Invoice will be issued by 11street to seller in 11street for the services provided Seller Office &gt; Settlement Management &gt; History Received Tax Invoice Notes 1. Tax invoices issued once a month for transaction fees (sales amount), advertising (Listing Ads) or other fees (Seller Zone reservations) can be viewed. </li><li> 17. 17 Settlement in 11street - Individual &amp; Global Seller VS. Business Seller Strictly Confidential GST Management History Received Tax Invoice Individual Seller Business SellerGlobal Seller NA Available Available Available Available Available Individual &amp; Global Seller - Seller Office Business Seller - Seller Office </li><li> 18. 18 Settlement in 11street Strictly Confidential Product Price RM (before GST) GST (6%) (RM) Selling Price RM (include GST) Note After 10% transaction fee 100 6 106 90 5.40 95.40 Buyer Settlement 10 (10% of 100) 0.6 (10% of 6) 10.6 (10% of 106) 11street Transaction Fee How much I need to pay for GST? Product Selling Price (before GST): RM 100 GST (6%): RM 6 Product Selling Price (after GST): RM 106 Transaction Fee: 10% Example: GST Registered Seller, Impose 6% GST to customer Submit by Seller Submit by 11street Transaction fee including GST Received by government </li><li> 19. 19 Attachment - 1 Handbook for Goods and Services Tax (GST) </li><li> 20. 20 Attachment - List of Taxable Goods and Non Taxable Goods Strictly Confidential source: http://gst.customs.gov.my/en/rg/SiteAssets/general_guides/Handbook%20Vol1%2002092014%20Master.pdf 3 May 2015 </li><li> 21. 21 Attachment - 2 List of Taxable Goods and Non-Taxable Goods </li><li> 22. 22 Attachment - List of Taxable Goods and Non Taxable Goods Strictly Confidential source: http://gst.customs.gov.my/PdfFile.html 3 May 2015 No Category Standard Rate Rate Rate Zero Rate Exempted Rate 1 Grocery 2 Food and Beverages 3 Fruits and Vegetables 4 Beauty and Health 5 Household 6 Hardware 7 Kitchen ware 8 Garment, Footwear, Bag and Accessories 9 Medicine 10 Stationery 11 Toy and Games 12 Pets 13 Others ion about the list of taxable goods and non taxable goods, kindly refer to http://gst.customs.go Is my product under Standard Rate, Exempted Rate or Zero Rate? </li><li> 23. 23 Attachment - 3 Guide on eCommerce </li><li> 24. 24 Attachment - Guide on eCommerce Strictly Confidential source: http://gst.customs.gov.my/en/rg/SiteAssets/industry_guides_pdf/Guide%20on%20E-commerce%2020.08.2014.pdf 3 May 2015 </li><li> 25. 25 Thank you www.11street.my </li></ol>