GST or, Goods and Services Tax was implemented in Malaysia commencing April 2015.
All persons, not just registered businesses, conducting business with an annual gross turnover of RM500.000.00 per annum or more, are required to register with Customs.
Once registered, a person or business is required to comply with the rules and regulations, including keeping track of GST collected as well as GST paid and account for it either on a monthly or quarterly basis.
MYOB Accounting and MYOB Premier, starting with versions 20 and 15 respectively removes the administrative overhead of managing and complying with GST requirements.
Since then, MYOB has remained compliant with changes in the GST rules and regulations by upgrades.
The current versions, MYOB Accounting v24 and MYOB Premier v19 make compliance easy to manage.
A GST compliant accounting software has to have the following features:
- Facilitate issuance of Tax Invoices, Credit and Debit notes
- Have the relevant GST tax codes available for use with transactions.
- Be able to produce the GST-03 either on a monthly or quarterly basis.
- Be able to produce the GST Audit File when requested by Customs.
- Be able to keep track of a customer’s or supplier’s:
- Business registration number
- GST registration number
- Be able to handle Bad Debt Relief and Recovery for both sales and purchases
Read on to find out how MYOB helps reduce the administrative overhead of complying with GST requirements.