Goods and Services Tax (GST) Service in Kuala Lumpur, Malaysia
As a means to modernize the taxation system in the country, Malaysia replaced the Sales Tax and the Service Tax with the Goods and Services Tax (GST), which was implemented on the 1st of April 2015. It utilizes two rates (mainly 6% and 0%) and provides a 0% rating for exported goods, essential food, international services, and books. This particular tax system also includes conditions for multinational companies doing business in the country.
That said, Malaysia has a more complex GST tax system compared to other countries that may be overwhelming for companies and individuals to comprehend.
Package fees for Customized GST services
- Compulsory GST Registration: (RM) 500
- Voluntary GST Registration: (RM) 900
- Quarterly or Monthly Reviews and Filings: (RM) 600
- Implementation Planning and Advisory: (RM) 2,500
- E-filing: FREE
Note: Each package is subject to 6% service charge. Additional fees can apply if there’s a need to go to the customs office to inquire about the status of your GST registration. E-filing is only free if you have engaged with our bookkeeping services.
If a person or a business gains a taxable profit amounting to more than RM 500,000 within a 12-month period, he or she is required to register for GST. If the individual or the business does not meet the stated amount, they can still choose to voluntarily register for GST.
If you resist registration after you’ve met the RM 500,000 taxable supply, the authorities will either fine you an extra charge or put you in jail for a maximum of three years. Therefore, it is important for you to list your business for GST if and when it meets the criteria.
GST Filing and Review
It is recommended to invest in accounting software for a more convenient filing. If you need further assistance navigating through the digital platform, our expert team is always ready to assist and solve any problems for you.
Moreover, we can also help you fill up Form GST-03 and teach you everything you need to know about it and walk you through the submission process. From meeting deadlines to paying fees, we can provide you with all the necessary details you need to have a smooth filing process.
Once you’ve filled it out, we offer to review your finished form to identify and rectify errors, if there are any. In doing so, we minimize the chances of faulty turns and avoid further complications.
Our e-filing service is available free for customers who are using our bookkeeping service.
GST Advisory & Implementation Planning
Due to the complex nature of GST requirements, our GST Advisory and Planning service can help your businesses avoid unnecessary complications that may negatively affect your operations.
With our team of experienced consultants, we will prepare you and your employees to be GST-ready. We’ll help you understand the tax system and mechanism, as well as how it applies to your business. Our goal is to provide you with the proper knowledge and skill so you can implement the latest GST concepts into your business model easily, efficiently, and effectively.
Customized GST Training from our Professionals
To assist you in transition into a GST-ready company, our customized training service will help you and your employees learn everything there is to know with regard to handling GST. Through this service, we can also explore several treatments and solutions and develop a viable and profitable strategy that can grow your business.
Other ServicesIn addition to the abovementioned services, Bestar Consulting also offers the following:
- To inspect and advise on internal controls and accounting systems
- Governing and answering inquiries by the RMCD (Royal Malaysian Customs Department)
- Overseeing investigations and audits by the RMCD
- Conducting compliance reviews
- Communicating errors to the RMCD to lessen the risk of penalty
- Advising on GST implications to assist you in cross border transactions, business arrangements, and start-ups.
Important RequirementsTo comply with the GST tax system, you need to acquire the following requirements:
- Provide proper business classification concerning the SAC and HSN codes, as well as the appropriate tax rates from 0% to 28%
- Determine the state of your tax payments and compliances that you have.
- Request correct tax credits to properly identify the eligibility of your GST as an indirect or direct tax
- File annual and periodic tax return for all your businesses based on your eligibility
- Instances of any associated party transaction, follow a special procedure
- If applicable, determine compliance with inward supplies or reverse charges