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
102
0

Description

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
1.1.1.1 Excise Duties
1.1.1.1.1 Sales Tax
1.1.1.1.1.1 Service Tax
1.2 Direct Tax
1.2.1 Corporate Tax
1.2.1.1 Income Tax
1.2.1.1.1 Real Property Gains Tax
1.2.1.1.1.1 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
2.1.1.1 Consultation & advice to business community/investors
2.1.1.1.1 Provide data information for decision support
3 Comparison of SST & GST
3.1 Sales Tax
3.1.1 Tax computed on sales
3.1.1.1 Imposed on manufacturer & importer
3.1.1.1.1 Sales Tax Act 1972
3.1.1.1.1.1 Rata: 5%, 10%, 20%
3.2 Service Tax
3.2.1 Tax computed on services
3.2.1.1
3.2.1.1.1 Imposed on service provider
3.2.1.1.1.1 Service Tax Act 1975
3.2.1.1.1.1.1 Rate: 6%
3.3 GST
3.3.1 Tax computed on supply
3.3.1.1 Imposed on business operator
3.3.1.1.1 GST Act 2014
3.3.1.1.1.1 Rate: 6%
4 Concept on GST
4.1 is a new legislation
4.1.1 take effect on 1/4/15
4.1.1.1 for business turnover>RM500K
4.1.1.1.1 easy to understand
4.1.1.1.1.1 one single rate of 6%
4.1.1.1.1.1.1 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
5.1.1.1 (c) by a taxable person
5.1.1.1.1 (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
7.1.1.1 agricultural products
7.1.1.1.1 livestock & meat
7.1.1.1.1.1 seafood
7.1.1.1.1.1.1 utility
7.1.1.1.1.1.1.1 medication
7.2 GST exempt supply
7.2.1 rail
7.2.1.1 taxi/car rental
7.2.1.1.1 toll
7.2.1.1.1.1 bus
7.2.1.1.1.1.1 education/health
7.2.1.1.1.1.1.1 residential
8 Penalty
8.1 Non payment/late payment will subject to penalty
8.1.1 the penalty will be cumulative
8.1.1.1 maximum penalty is 25% upon 6 months
Show full summary Hide full summary

Similar

An Inspector Calls: Characters
bexjrutherford
Using GoConqr to learn French
Sarah Egan
TEORÍA DE LA PERSONALIDAD según Freud
JOSE MIGUEL RODRIGUEZ RESENDIZ
CCNA Security 210-260 IINS - Exam 3
Talitha Botha
Diagnostico Organizacional Mapa Conceptual
Andrea Varela
SISTEMAS NERVIOSO Y REPRODUCTIVO El sistema nervioso se relaciona con el sistema reproductivo, ya que se recibe la estimulación externa e interna y envía información para preparar al organismo para la reproducción, así las hormonas y los neurotransmisores
Martin Guzman
Sistema nervioso y reproductivo
Diana Gonzales
Mapa Conceptual
Brisa Jimenez Robles
Mapa Mental para Resumir y Conectar Ideas
ulises leon
ANTIBIÓTICOS
Sarahí Dueñas
Vocabulário - Numbers and Colors
Aline Nicomédio