Goods and Service Tax (GST) was replaced by Sales and Service Tax (SST) in Malaysia on the 1st of September 2018. SST comprises of 2 separate Tax Act: Sales Tax Act and Service Tax Act. Information needed to declare SST is meticulous and involves lots of hard work without the help of an accounting software as there is slight different in handling the two acts.
You can have a read on our blog about FAQ on SST. The two acts have different criteria on how a goods or service is considered taxable. Goods are considered as being exempted or excluded from sales tax if they are included in the exempted goods list that the government have published.
SST registered manufacturer of taxable goods are also exempted from taxable goods that they purchased or import. This is because SST is a single layer tax system where it is only applicable to one of the level (manufacturer of taxable goods) of the supply chain.
All these exempted goods value have to be declared when registered personnel submit SST-02 (SST return form). You will need to track all exempted goods you’ve purchased and record them according to their respective categories in SST-02. It is an effortful work without the help of a system.
TreezSoft SST tax code list
TreezSoft is a SST ready cloud accounting software. We uses series of automation and integration processes to enhance our client’s accounting experience with us. From the past, TreezSoft have provided all our clients a free and smooth transition during the change from GST to SST. Now, we continue to provide convenience for all our clients by providing necessary tax code for Sales Tax exempted goods (refer to Table 1). Using these tax codes, all the value of tax exempted goods can be calculated according to their categories.
Besides, we allow all our clients to easily enter all their transaction according to the SST format published by the Malaysia Royal Custom Department (MRCD). Amount of sales tax exempted goods will be easily calculated according to their respective categories in SST-02 as well. You can use information provided through TreezSoft to fill in your SST-02 form and submit to the custom with all the information ready for your reference.
Table1: The list of tax codes available in TreezSoft Cloud accounting
**Please note that tax codes listed in Table 1 are tax codes created by solely for TreezSoft and hence, may be updated once MRCD has come out with their tax code lists.
As we are a cloud based accounting software, your accounting records can be easily accessed anytime, anywhere. You also can be assured that all records are updated and accurate at any point of time as they are instantly updated. You can also read on our blog to know how accounting can be at your fingertips.
Come join TreezSoft now to experience hassle free accounting with us!
Here are some SST related topics in TreezSoft blog for your further readings:
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
Visit TreezSoft at http://www.treezsoft.com/ to sign up for a 30 days trial account with us!
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