6 Silly reasons for buying Malaysian GST Acc System
Wrong understanding
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Facts to know
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| 1 |
GST require a certain Tax Invoice format
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MOF accepts various invoice formats ie no fix format
Manual invoice is acceptable as long as certain details are shown.
Invoice is different for different industry.
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| 2 |
It is an offence not to use GST system
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Manual system is not forbidden. You can do everything in Excel and keep your records accordingly for the 7 years audit possibility.
Certain industry cannot use the standard package eg 2nd hand car sales which operates on Margin Scheme. Here the vehicle stock record is the key for MOF auditing.
Another example: Service station don't need a GST system because the Oil Company eg BHP has the full system for the Tax Invoices with GST.
For some operation, it is not practical to have a life computer system to issue invoices eg petty traders.
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| 3 |
System will do the GST coding automatically
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Data Entry personnel must decide which of the 23 GST code to use for each transaction; the system does not know what supplies you have to make decisions.
Thus data entry personnel must understand all important codes.
Even Custom personnel do not understand the finer details eg conditions of some of codes yet eg Deemed / Blocked Supplies,
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| 4 |
System will automatically submit GST data to Customs
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Submission is based on Form GST03 which contains less 10 simple fields. GST system will give the totals for this form.
No details need to be submitted.
Only during Audit (7 years period) you need to support your returns with details.
With the GST system you buy with the voucher you will be asked to submit all accounting entries via the GST Audit File (GAF) to conduct Audit by MOF.
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| 5 |
There is a free Voucher
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Decision to buy should be based on “if you need it”, nothing else.
You still have to pay extra as voucher is not enough, nothing is free.
You still have to convert your data & manage the new system.
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| 6 |
System supplier will train you in GST
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Each industry has it own set of rules; trainer need time to customize to your needs. General training is meaningless.
From 1st April 2015 there will be insufficient trainers who know GST well to help all of you.
Accounting is not just any application; training takes time and basic understanding of accounting. GST system is an accounting system that allows easier entry of GST 23 codes with extra reports.
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