Software5 Crucial questions about GST for retail business that you should know
Question 1: What is GST?
Beginning 1st April 2015, Malaysia will replace the existing sales and service tax with the goods and services tax (GST) which was announced during the Budget 2014 presentation.
GST (also known as VAT or Value Added Tax in many countries) is a multi-stage consumption tax on goods and services. It levied upon the supply of goods and services at each stage of the supply chain from the supplier > retailer > end user.
Why GST? In a nutshell, GST is part of the government's tax reform initiatives to improve the taxation system to be more efficient, transparent and business-friendly, with part of the package including the introductory rate of 6% reduction of corporate income tax rate and more.
Diagram below shows how GST is being collected:
Question 2: What software do I require for my retail business?
For retail businesses, you should have the following 2 Kastam approved GST software:
i. ARMS® Point of Sale
ii. Accounting Software
We recommend the following:
Question 3: How do these 2 Kastam approved GST software work with the implementation of GST?
The diagram below shows the workflow of the 2 software :
Question 4: How much time do I have to get my retail business GST Compliant?
You need about an estimated 63 days, the diagram below shows the activities involved and the estimated time needed for each of them.
Question 5: Why do I need to buy ARMS® POS ASAP?
There are an estimated 100,000 retail businesses which need to implement GST, with about only 20 Kastam approved POS vendors, and with only 100 days left before GST is enforced...
Some simple calculations will reveal why you need to buy ARMS® POS Now!
