Goods and Services Tax (GST)

ana azahar
Mind Map by ana azahar, updated more than 1 year ago
ana azahar
Created by ana azahar over 3 years ago


Mind Map on Goods and Services Tax (GST), created by ana azahar on 12/22/2016.

Resource summary

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