Master The New and Revised GST Tax Code and Approach of GST Audit

Date : 15/05/2017 - 16/05/2017
Time : 9:00 am - 5:00 pm
Location : Menara PKNS, PJ

Contact Person : Esther Yong
Email : inquiry@knowledgehub-asia.com
Mobile : +012-2662728
Office Tel : +603-7622 0578
Normal Rate : MYR 0.00
Promotion Rate : Contact us for discounted rate.

Introduction

Since the implementation of Goods and Services Tax (GST ) in Malaysia in April 2015, many business are still confused with the interpretation of the GST legislation and requirement . The Royal Malaysia Customs Department (RMCD ) have increased the recommended GST tax code from 24 to 37 , per revision to the“Gide to Accounting Software ‘on August 2016.

Assignment of GST tax codes has been a challenging task due to confusion and difficulty in applying these tax codes. Business have to ensure the GST tax codes are accurately assigned in the GST -03 return for submission to RMCD. In addition, the stringent checks by Customs have resulted in business being compounded for offences. In the face of these challenges, GST preparer have become anxious and are looking for correct solution.

This Program will provide an in-depth understanding of the 37 recommended tax code by integrating GST concepts and mechanism with the latest relevant GST updates, accounting double entries. At the end of the program participants shall upgrade their knowledge on the latest changes in GST as well as to prepare for the GST audits , needs to be done to avoid material errors , mistakes and omissions .

Benefits to attend :

•  Relevant updates on GST
• Deeper understanding of the 37 GST tax codes recommended by RMCD
• Ability to apply correct GST treatments and tax codes for different business transactions
• Understanding on the corresponding accounting double entries
• Highlights on the changes in the GST-03 return
• Understand the purpose of GST Audits
• Analyze the common mistake discovered during the GT audit
• Approach adopted and handle during GST Audit

Who should attend

Finance and administration personnel, Accounting staff, operation executive, business planner, business entrepreneur, manufacturers and general managers

Methodology

Lecture supported with power-point presentation , discussion , examples and Q & A

Course outline

Module 1:GST legislation update

•  Composite supply and mixed supply
• Supply of imported services
• Implication of GST on Imported services
• Value of supply of imported services
• Implication of GST on exported services
• Application of GST in Designated Areas (DA)

Module 2 :GST orders on Output tax : Account Receivable

•  Invoicing procedures : GST full Tax invoice ,simplified invoice , pro forma invoice , invoice in a foreign currency
• Working out the value for GST for Part exchange transaction
• When GST must be accounted for : Basic tax point, consignment sales , exception to general rules , Tax invoice issued within 21 days from the basic tax point , GST on disposal of business assets , GST for bad debt relief and bad debt recovered , GST adjustment for non-payment of invoice more than 6 month
• Record keeping
• Accounting Basis

Module 3 :GST Tax code for supply and purchases /expenses

• Deeper understanding on the application of GST tax Code
• Explanation on the new and revised vs. Existing GST Tax code listing for supply
• Mapping of GST Tax Code for supply with GST-03 field
• Explanation on the new and revised vs. Existing GST tax code listing for purchases /expenses
• Mapping of GST tax Code for purchases/expenses with GST-03 field
• Supply and purchases /acquisition issues

Module 4 :Population of Tax Codes to GST -03 Tax Returns

•  Output tax (Box 5a and 5 b)
• Input tax (Box 6a and 6 b)
• Zero Rated supply (Box 10)
• Exports (Box 11)
• Exempt supply (Box 12)
• Relief Supply (Box 13)
• Bad Debts Relief and recovered (Box 5b,6b, 17 and 18 )

Module 5 :Evidence needed to claim input tax

•  Input tax credit –Criteria and documentary requirements
• Block Input tax /Disallowance of input tax
• Incidental Exempt financial supplies
• Input tax in relation to special transaction
• Input tax in relation to own use
• Input tax in relation to Accounting Basis

Module 6 : GST treatment on related business issues

•  Deposit v forfeited deposit
• Reimbursement and Disbursement
• Goods written off or damaged goods
• Insurance indemnity settlement
• Transfer of a business as a going concern (TOGC)
• Voucher, tokens and stamps
• Employee benefits
• Disposal of business
• Retention money /payments
• GST treatment on Government Acquisition
• GST treatment on acquisition by local authorities and statutory bodies
• Grants, Monetary Donation and Sponsorship payment
• Warehouse scheme
• Supplies under Approved Trader Scheme (ATS)
• Supplies under Approved Toll Manufacturer Scheme (ATMS)

 

For registration please Contact :

Email : inquiry@knowledgehub-asia.com
Contact Person : Esther Yong
Mobile : +012-2662728
Office Tel : +603-7622 0578