The newly formed Malaysia government has announced that GST will be replaced by SST by 1st September 2018. On 19th July, a proposed framework on the new SST is published by Malaysia Custom department. Since then, lots of comments have been made on the newly proposed SST. A proposed list of SST exempted items are published on that day as well. We've highlighted some important information on the newly proposed SST framework.
Who will need to register for SST?
The newly proposed SST framework stated that all manufacturers of taxable goods with turnover sales that's more than RM500,000 per year are mandatory to be SST registered. All service providers who provide taxable services with yearly turnover sales more than RM500,000 are also mandatory to be registered.
Voluntary registration is only applicable for manufacturers and service providers of taxable goods and services that are below the threshold level. Manufacturer of non-taxable goods, service providers of non-taxable services and other retailers are not eligible for voluntary registration.
For those manufacturers who are GST registered and have been identified to fulfill the criteria for SST registration will be automatically registered for SST by 1st September 2018. For those who are GST and fulfilled the criteria but were not automatically registered have to apply for registration within 30 days starting from 1st September 2018. SST registration will be through online portal.
How to declare SST return?
Registered manufacturers and service providers have to declare SST return every 2 months according to their taxable period. SST return have to be submitted regardless of whether there is any tax to be paid or not, and it has to be submitted not later than the last day of the following month after the taxable period ended. For example, if your taxable period is from 1st September 2018 to 31st October 2018, then you have to submit SST return before 30th November 2018.
SST and TreeezSoft
According to the proposed SST framework, SST registration and return have to be submitted electronically or by post.
TreezSoft is GST compliance and will stay compliance with SST. Electronic submission will be made easier if you’ve always been using a software, like TreezSoft, to help with your daily business financial operation.
Join TreezSoft now to experience smooth and hassle free SST transition!
You can also email us at [email protected] for more enquiries.
Visit TreezSoft at http://www.treezsoft.com/ to sign up for a 30 days trial account with us!