gst professional services

Goods and Services Tax (GST) Service in Kuala Lumpur, Malaysia

On 1st April 2015 Goods and Services Tax (GST) in Malaysia was implemented. Somehow till now, many Malaysians seem to be confused and unprepared about GST. Usually, as per the requirement of GST in Malaysia; it is most complex compared to the other countries. Besides the high complexity level, every business has to prepare and submit GST returns.

Goods and Services Tax (GST) Service in Kuala Lumpur, Malaysia

If you didn’t know the whole procedure and requirements, though, you are not ready with GST. Further, Customs GST Director Datuk Subromaniam Tholasy said “It is time to enforce the law, the advisory period is over”. Well, if you are not ready with all the stuff, you don’t have to worry at all, Bestar Consulting is always here to help you with any concerns related to GST at an optimum cost. Package fee for GST services:

  • GST Registration (compulsory): RM 500
  • GST Registration (voluntary): RM 900
  • GST Filings and Reviews (monthly or quarterly): RM 600
  • GST Implementation Advisory & Planning: RM 2,500
  • E-filling of GST: Free

Note: Every package is subjected to a 6% service tax. E-filing is provided for free if and only if you have engaged with our Bookkeeping services package. Also, extra charges may apply if we visit the customs office for taking the follow up on your GST status or attend custom queries.

We include the below-mentioned services in our package:

GST Registration

According to GST, any company that makes a taxable supply for business purposes and exclusive value of taxable turnover for a period of 12 months or less, and if the value exceeds the threshold value of RM 500,000 then it is must be registered. What happens if you did not register or refuse to register? Sorry to say you, but the authority will fine you extra charges, the charge will not exceed the limit of RM 50,000, or else they will imprison you for 3 years not more than that. Thus, make sure that you register your company whenever it is eligible with the necessary criteria.

Nevertheless, if your business has a taxable turnover of RM 500,000 or less, though, not required to be registered then you may choose voluntary registration. For further details do refer to the issues that have to be taken into consideration before your register your business as GST Voluntarily.

However, if you are feeling that you don’t have sufficient knowledge about registering as GST. Then don’t bother much all you need to do is, simply contact Bestar Consulting and get your every concern solved, we never mind in helping our clients anytime.

Filings and Reviews

Anyhow for completing your filing requirements you have to opt for a well-functioning software. But, what after buying if you know how to use it? Then well and good, but what if you don’t know how to use it? Well, our experienced and specialized professionals are always here to help you with every problem you face and make the work easy for you.

Further, we help you in filling up GST-03 form, we teach everything about it to you likewise how to submit? When to submit? How & when to pay? And so much more. Also, we review your form and identify as many errors as possible, this reduces the risk of incorrect returns. As discussed earlier, E-filling is free if and only if you have engaged with our monthly bookkeeping package.

GST Implementation Advisory & Planning

Many rumors are spreading like implementation can be done by having compliant accounting software. Let me clarify, impacts are not functioning along on the accounting along with that it has implications on the entire process of your business which includes processes like supply chain, sales, marketing, procurements, etc. We ensure that our clients should know everything about the implementation and planning of GST so that they can smoothly adopt and implement GST into their business model and system effectively, efficiently, and easily.

Customized in House GST Training

It has been noted that the scope and requirements of Malaysia GST Rate are too complex, for one to manage the necessary rules and guidelines. Moreover, the rules and guidelines they comprise are much confusing, in fact, many times they are not even relevant for your business. We believe in customized in-house training, in which we make sure your team learns everything about handling GST. Nonetheless, we explain several treatments related to the same which will help you in escalating your business and also help you in building up a good strategy.

Other services

  • Inspecting and advising on internal controls
  • Inspecting and advising on accounting system logic
  • Governing and responding to the queries by the Royal Malaysian Customs Department (RMCD)
  • Governing RMCD audits and investigations
  • Conducting compliance review
  • Disclosing errors to RMCD to minimize the penalty exposure
  • Advising about GST implications that assists you in business start-ups, business arrangements, and cross border transactions

Requirements your business needs to ensure:

  • Proper classification of your business should be done in terms of HSN and SAC codes, and the applicable tax rates ranging from exempt to 28%
  • To determine the relevant state for your compliances and tax payments you have to ascertain the place of supply
  • Do claim proper tax credits to make sure whether the requirement of your goods and services tax is a direct or indirect tax depends upon the eligibility
  • Based on your eligibility ensure filing of periodic and annual tax returns in each state or every registered presence  wherever your business supply
  • In the case of a related party transactions do follow a special procedure to confirm your valuation
  • Where applicable ascertain compliance with reverse charges or with inward supplies

Bestar Consulting is extremely honored to help you in every step of your company, further, we are known as the best GST service provider in Malaysia. We give our best to our clients so that they can enhance and escalate their business in a proper way.