What you should know about GST (Goods and Services Tax)

Basically, all taxable persons will be required to account for GST based on accrual (invoice) basis of accounting i.e. all output tax and input tax are to be accounted and claimed based on the time when the invoice was issued or received.

However, certain categories of taxable persons may be allowed to use the payment (cash) basis of accounting. This facility may be given to businesses who carry out their activities solely on a cash payment basis.

All business and accounting records relating to GST transactions are to be kept in Bahasa Melayu or English for a period of seven (7) years.

Additional accounting job scope for GST registered companies are :

  • Issuance of tax invoices with prescribed particulars.
  • Preparation of accounts for GST submission every 1 or 3 months.
  • Assigning GST codes.
  • Recording purchase invoices for input tax claims.
  • GST adjustments through debit and credit notes.
  • Keeping proper documentation for potential GST audits.

 

We know all these may be overwhelming and daunting for you. Let us save you from this headache! At iCount, we provide accounting services that can assist you with your GST accounting needs.


Do you feel like you're drowning in paperwork?

We can help!

Book a date with us and we will call you back.

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Global Locations

Penang: 3A-1-13, Straits Quay, Jalan Seri Tanjung Pinang, 10470 Tanjung Tokong, Penang, Malaysia

Kuala Lumpur: 23-5, Menara Bangkok Bank, Berjaya Central Park, Jalan Ampang, 50450 Kuala Lumpur

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+604-6192547

Kuala Lumpur:

+603-2789115

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Location

Penang Office:

3A-1-13, Straits Quay, Jalan Seri Tanjung Pinang, 10470 Tanjung Tokong, Penang, Malaysia

KL Office:

23-5, Menara Bangkok Bank, Berjaya Central Park, Jalan Ampang, 50450 Kuala Lumpur


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Contact Us


Feel free to write, call, and visit us. We really love to communicate with our clients

Contact Us


Feel free to write, call, and visit us. We really love to communicate with our clients