GST Transitional Period

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<p>PowerPoint Presentation</p> <p>GST Transitional PeriodLoh Boon HowChartered Accountant</p> <p>When to pay sales tax?If a sales tax licensee is not a GST registered person.</p> <p>Raw materials and component held on 1/4/15,</p> <p>Finished and semi finished held on 1/4/2015,</p> <p>Supplies before 1/4/2015, but invoice and payment before 1/4/2015 B. H. Loh &amp; Associates22When to pay sales tax?Submit the sales tax return CJP 1 not later 28/4/2015</p> <p>If sales tax licensee is a GST registered person on 1/4/15, there will no liability to account sales tax. </p> <p>B. H. Loh &amp; Associates33When to pay service tax?The unpaid service tax amount exceeding 12 months from the date of invoice,</p> <p>The service tax in last taxable period,</p> <p>Supplied before 1/4/2015, but the invoice and payment on or after 1/4/2015</p> <p>B. H. Loh &amp; Associates44When to pay service taxThe tax return submitted on :The latest 28/4/2015 Form CJP 1,</p> <p>Not exceed 12 months period from 1/4/2015 Lampiran H</p> <p>B. H. Loh &amp; Associates5What is bad debt relief and subsequent received?B. H. Loh &amp; Associates61/1/20151/4/2015Sales tax paidBad debt relief is claimable in 6 years1/7/2015Subsequent collect to account sales taxGST implementation6What if goods sold before 1/4/15 but return after 1/4/15?B. H. Loh &amp; Associates71/1/151/4/151/6/15Sales tax paidGood returnThe manufacturer can claim sales tax refund by using the form JKED 2,The good return due to the wrong quantity, poor quality or uncontract good.GST implementation7What if service perform before 1/4/15 but terminate after 1/4/15?B. H. Loh &amp; Associates81/1/151/4/151/6/15Services tax paidIssued credit note for Service terminateThe service provider can claim service tax refund by using the form JKED 2GST implementationRefundable within 6 years from the services tax paid 8What is progressive supply?B. H. Loh &amp; Associates91/3/151/4/151/5/15Supply of goods and servicesPayment received / invoice issuedSales &amp; services taxScenario 19What is progressive supply?B. H. Loh &amp; Associates101/3/151/4/151/5/15Progressive supply of goods and servicesPayment received / invoice issuedScenario 2Goods and Services taxSales &amp; services tax10What is progressive supply?B. H. Loh &amp; Associates111/3/151/4/151/5/15Supply of goods and servicesPayment received / invoice issuedGoods and Services taxScenario 311What is progressive supply?B. H. Loh &amp; Associates121/3/151/4/151/5/15Progressive supply of goods and servicesPayment received / invoice issuedScenario 4Goods and Services taxSales &amp; services tax12What is special refund?The register mandatorily,The good held on 1/4/2015,The goods are subject to sales tax and services tax,Holding the relevant suppliers invoice (Prove of the recipient of the goods),Holding the import document (Prove the importer is the owner of the goods).B. H. Loh &amp; Associates13What is special refund?B. H. Loh &amp; Associates14If the claimant unable to show proof that sales tax has been paid on 1/4/2015. Example : Sales tax not stated in the invoiceSpecial refund = purchase price x 20% x sales tax rate applicable20% method14What is special refund?NoStock valueCertified(a)Less that RM10,000The audit certificate issue by chartered accountant(b)More that RM10,000The audit certificate issued by company auditorB. H. Loh &amp; Associates15Stock count identified the sales tax paidSubmit within 6 months from 1/4/2015 through Tax Access Point, only one time with no correction allowed15How does special refund work?The special refund will be off-set against unpaid sales tax, services tax, GST and other taxes. The balance will be refunded on a quarterly basis over 2 years.</p> <p>If discover, false, inaccurate, misleading or misrepresented, the DG may withhold the unpaid refund B. H. Loh &amp; Associates16What is special refund subsequently return?If the claimant refunded and subsequently returns, he must account for output tax. Failing to account for return will subject to penalty.B. H. Loh &amp; Associates17What goods not entitled to special refund?Goods used for packing materials, labelRaw materials directly used in finished goods, such as : textile and buttons,Goods held for hire, Such as generator,Goods for hobby,Goods not for sales, such as : stationery, cleaningCapital assetGoods purchase with sales tax and subsequently exported,Goods entitled to claim sales tax deduction</p> <p>B. H. Loh &amp; Associates18When does contract supply charge GST? No opportunity to review on or after the introduction of GST with 0 rated supply for a period of 5 yearsB. H. Loh &amp; Associates191/6/121/4/1531/3/20205 yearsGST chargeNo GST charge0 ratedWhen does contract supply charge GST? An opportunity to review the supply will be subject to GST when the review opportunity ariseB. H. Loh &amp; Associates201/6/121/4/1531/5/160 ratedGST chargeNo GST chargeReview opportunityThank youB. H. Loh &amp; AssociatesAddress :No. 1-3-15, Goldhill Complex, Tingkat Paya Terubong 1,11060 Penang.</p> <p>H/P No. : 016-4893382Email : bhlohass@gmail.comWeb-site / facebook : bhloh.com.my</p> <p>21B. H. Loh &amp; Associates</p>