GST Q&A

《CONCEPT》
Q1: Has GST been abolished?
A: No. GST is not been abolished. However, the GST rate for standard rated supply has been revised from 6% to 0%

Q2: When is the effective date for the revision of GST from 6% to 0% effective?
A: Based on the announcement made by MOF and PU Order gazetted, the effective date will be 1st June 2018.

《REGISTRATION》
Q3: If my taxable supply reach 500k before 1 June 2018, should I register for GST based on the threshold reached?
A: Yes, you will need to register as a GST registrant as stipulated under GST Act 2014.

《Tax Invoice and GST-03》
Q4: Do I still need to issue tax invoice after 1st June 2018?
A: Yes, you can issue tax Invoice if you are a GST registered person . The only difference shown on the tax invoice will be 0% instead of 6%

Q5: Do I still require to submit GST-03 after 1st June 2018?
A: Yes, you are required to submit your GST-03 on a timely basis.

Q6: What is the tax code to use for the new 0% standard rated supply?
A: As for now, the specific tax code remains unknown, please wait for RMCD guideline to be released.

Q7: Do I need to update my accounting software to change to 0%?
A: Yes, it is advisable to do so, kindly contact your dealer.

Q8: Do I still need to report fixed assets acquired in GST – 03 Field 16?
A: Please wait for new guidelines issued by RMCD.

Q9: My company issued a tax invoice at 6% in May 2018, the goods are only delivered on June 2018, can I CN the 6%?
A: No, you have to account and remit the 6% to RMCD.

《Input Tax Claim》
Q10: What if the previous month purchases I have yet to claim input tax, can I claim after 1st June 2018?
A: Yes, you can claim the input tax within 6 years in accordance with GST Act.

  • Updated June 14, 2018
morgansolutions
 

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