Malaysian GST Mechanism And Its Impact On Business And Financial Planning Seminar on 7th-8th May 201

 a.   Fundamental and Scope of GST
                i.      Imposition of GST.
               ii.      Elimination of Sales and Service Tax.
              iii.      Input and Output Tax and Input Tax
             iv.      Business and the 5 Test Rules
              v.      Supply, Deem Supply and Gift Limitations
             vi.      Place, Time, Value and Consideration of supply
            vii.      Basic Tax and Actual Tax Point
           viii.      Standard and Zero Rated supply
             ix.      Exempt and Out of Scope Supplies
              x.      Taxable person and Threshold
b.    Registration
                                                 i.        Threshold Determination and timeline for registration
             ii.        Mandatory and Voluntarily registration
            iii.        Transfer of Going Concerns
           iv.        Registration for:
·         Individuals, Sole proprietors and Limited Liability Companies
·         Group, partnership, branches & divisions
·         Joint Ventures,
·         Societies or similar organizations
·         Personal Representatives
            v.        Single Taxable person registration for two business entities
           vi.        Pre-operating period and new project start up registration
          vii.        Registration Exemption and Cancellation
c.    Invoice and Record Keeping
              i.        Tax and normal invoices
             ii.        Content of tax invoices
            iii.        Full and simplified tax invoices
           iv.        Debit and credit notes
            v.        Record Keeping, Accounting Basisand Taxable period
           vi.        Invoicing for import services
          vii.        GST returns – monthly, quarterly
         viii.        Filing and Due dates for payment of excess of output over input tax.
           ix.        Input Tax claim limits on un-name recipient receipts
            x.        Foreign currencies conversion
d.    Transition rules
              i.        Effect of Sales Tax and Service Tax after repeal.
             ii.        Effect of long term contract – Reviewable and Non-Reviewable
            iii.        Registration before implementation date
           iv.        Supplies span before and after GST implementation
            v.        Other supplies – hire purchase, coin/tokens (such as parking machines)
           vi.        Special Refund
          vii.        Special Rules on Construction
e.    Input Tax Credit
              i.        Mechanism and criteria to claim
             ii.        Allowable input tax and criteria to claim
            iii.        Blocked input tax
           iv.        Incidental exempt supply
            v.        Input tax refund and repayments
           vi.        Claims in pre, post, late and de-registration and pre-incorporation stages
          vii.        Input tax on special transactions
         viii.        Refund of excess of input over output tax
 
f.     Special Schemes
              i.        Approved Traders
             ii.        Approved Toll Manufacturers – Drop Shipments
            iii.        Approved Jewelers
           iv.        Warehousing
            v.        Second Hand goods
           vi.        Flat Rate
          vii.        Tourist Refund, etc.
 
 
g.    Others:
              i.        Declaration and payment of tax by non-GST register person for:
                         ·         Bad debt relief and recovery
                          ·         Imported Services
                           ·         Local Receiver in approved toll manufacturing scheme
                           ·         Agent acted as auctioneer.
             ii.        Goods on consignments,
            iii.        Goods returns
           iv.        Warranties
h.    Enforcements
            i.          Offence and penalties
           ii.          Power to assess
          iii.          Audit
         iv.          Anti Avoidance Rule