GST which is also known as VAT or the value added tax in many countries is a multi-stage intake tax on products or services
GST is billed on the supply of products or services at each level of the supply sequence from the supply up to the retail level of the submission. Even though GST is enforced at each level of the supply sequence, the tax element does not become aspect of the cost of the product because GST paid on the company information is claimable. Hence, it does not matter how many stages where a particular good and service goes through the supply sequence because the feedback taxation suffered at the previous level is always subtracted by the companies at the next step in the supply sequence.
GST is a wide based intake tax covering all areas of the economy i.e all products or services created in Malaysia including imports except specific products or services which are classified under zero ranked supply and exempt supply purchases as determined by the Reverend of Finance and published in the Gazette.
The basic fundamental of GST is its self-policing features which allow the companies to claim their Input tax credit by way of automatic reduction in their accounting program. This helps the management procedures on the aspect of companies and the Government. Thus, the Government’s delivery program will be further improved.
Scope and cost
GST shall be billed and billed on the taxed supply of products or services created in the course or furtherance of company in Malaysia by a taxed person. GST is also billed on the importation of products or services.
A taxed supply which is standard ranked or zero ranked. Exempt and out of opportunity resources are not taxed resources.
GST is to be billed and billed at the suggested rate of 4% on the value of the supply.
GST can only to be billed and billed if the company is authorized under GST. A company is not liable to be authorized if its yearly revenues of taxed resources do not reach the prescribed limit. Therefore, such companies cannot cost and gather GST on the supply of products or services created to their customers. Nevertheless, companies can apply to be authorized willingly.
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