Module XIV Outline : 消费税

 Goods & Service Tax (GST) is a new tax system to be implemented in Malaysia to replace the current Sales Tax and Service Tax in line with the government policy of conforming with policies of AFTA. The objective of the Course is to introduce the participants to this new tax system which is expected to be introduced in 2011 so that companies can be prepared for its introduction without any delay and to maximize costs. The benefits from the course : 

1. Understanding GST in a concise and practical manner and how it differs from the present sales and service tax.
2.  Appreciate the application of GST and how you can benefit.
3.  Effectively restructure your organization in line with GST and maximize tax savings. 
4.  Identify, understand and manage GST issues effectively.
5.  How to cope with GST during the transitional period and avoid common pitfalls.
6.  Appreciate the application of GST principles with practical examples

a.Types of Supply 
- Standard Rated Supply
- Zero Rated Supply
- Exempt Supply

b. Concept of Supply
- Place of supply
- Time of supply
- Value of supply 

c. Computation of GST

- Liability to register
- Voluntary registration
- Group registration
- Branch Registration
- Exemption from registration      

d. Accounting for GST

 - Taxable period
- Accounting basis
- Bad debt provision
- Tax invoice
- GST Returns
- Input Tax Credit
- Input tax apportionment
- Deminis principle 

e. Transitional Issues and its treatment
- Submission of final sales tax and service tax returns
- Sales tax on stocks & inventory
- Continuous supplies
- Capital Goods
- Contracts - reviewable & unreviewable
- Retention Sums

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