The Impact of GST on Accounting

• Format: Book
• Language: English
• Published: Kuala Lumpur Commerce Clearing House (Malaysia) Sdn Bhd. (A division of Wolters Kluwer) 2015
• Subjects: Tax administration and procedure > Malaysia; Taxation > Malaysia; Value-added tax > Malaysia
• Online Access: Click Here to View Status and Holdings.

 Unlike other taxes, the Goods and Services Tax (GST) is an integral element of the accounting function of any organisation. Under the GST regime, the registered business must be able to track all transactions that it enters into either on the purchases side (expenditure) or the income/supplies side. You pay GST on the goods you purchase, and charge your customers on goods you sell. You remit to the Royal Malaysian Customs (RMC) the amount of GST you charge customers; less any GST you pay on business-related purchases that qualifies as an input tax credit. It is important that business identify and implement ways to properly maintain their accounting processes for GST as well as record-keeping practices to avoid the strict penalties imposed for non-compliance. The Impact of GST on Accounting will guide you on: - preparing and administering GST accounting - setting up tax codes and completing the GST return recording the different types of accounting entries - adjustments on GST - reconciling the GST return form, and - the impact of GST on financial statements, income tax, import duty, RPGT, stamp duty, etc. The Impact of GST on Accounting incorporates the amendments in the Malaysian Budget 2016 that are related to GST accounting.