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Goods and Services Tax (GST)

Beschreibung

Mindmap am Goods and Services Tax (GST), erstellt von ana azahar am 22/12/2016.
ana azahar
Mindmap von ana azahar, aktualisiert more than 1 year ago
ana azahar
Erstellt von ana azahar vor fast 10 Jahre
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Zusammenfassung der Ressource

Goods and Services Tax (GST)
  1. Types of taxes
    1. Indirect Tax
      1. Customs Duties
        1. Excise Duties
          1. Sales Tax
            1. Service Tax
      2. Direct Tax
        1. Corporate Tax
          1. Income Tax
            1. Real Property Gains Tax
              1. Stamp Duty
      3. Functions of Royal Malaysian Customs (RMC)
        1. Formulate & enforce legislations, policies and procedures
          1. Monitor & enhance regulations/procedures to ensure compliances
            1. Consultation & advice to business community/investors
              1. Provide data information for decision support
        2. Comparison of SST & GST
          1. Sales Tax
            1. Tax computed on sales
              1. Imposed on manufacturer & importer
                1. Sales Tax Act 1972
                  1. Rata: 5%, 10%, 20%
            2. Service Tax
              1. Tax computed on services
                  1. Imposed on service provider
                    1. Service Tax Act 1975
                      1. Rate: 6%
              2. GST
                1. Tax computed on supply
                  1. Imposed on business operator
                    1. GST Act 2014
                      1. Rate: 6%
              3. Concept on GST
                1. is a new legislation
                  1. take effect on 1/4/15
                    1. for business turnover>RM500K
                      1. easy to understand
                        1. one single rate of 6%
                          1. broad based on all goods, services
                2. GST is charged on:
                  1. (a) any taxable supply of goods and services
                    1. (b) made in the course or furtherance of any business
                      1. (c) by a taxable person
                        1. (d) in Malaysia
                  2. Types of Supplies
                    1. Taxable supplies
                      1. Standard Rated Supply
                        1. Zero-rated supply
                        2. Non-taxable supplies
                          1. Exempt supply
                            1. Out of scope supply
                          2. Malaysia's GST Model
                            1. Zero-rated Supply
                              1. food items
                                1. agricultural products
                                  1. livestock & meat
                                    1. seafood
                                      1. utility
                                        1. medication
                              2. GST exempt supply
                                1. rail
                                  1. taxi/car rental
                                    1. toll
                                      1. bus
                                        1. education/health
                                          1. residential
                              3. Penalty
                                1. Non payment/late payment will subject to penalty
                                  1. the penalty will be cumulative
                                    1. maximum penalty is 25% upon 6 months
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