HOW WILL THE GOVERNMENT ENSURE THAT BUSINESSES WILL REMIT THE RIGHT AMOUNT OF GST COLLECTION TO THE CUSTOMS?

20141211-046.1GST Malaysia.1gst.com.my

GST registrants are required to file tax returns accordingly and remit tax to the Government. The two known methods include:-

A.GST Audit Team will conduct test audit on registrants periodically as the need arises.

B.GST risk management system will send out slert on irregularities inreturns, statistical deviation or high risk registrants on unlawful input tax claims, suspicious payments and none / under declaration of GST.

SOURCE:100++ QUICK ANSWERS GST FOR BUSY BUSINESS PEOPLE/ SECTION B

IS GST COMPUTATION ROUNDED IN THE NEAREST RINGGIT?

20141211-043.1GST Malaysia.1gst.com.my

GST payable amounts computation must be rounded to a fraction of a cent such as:-

A.For fractionof a cent that is 0.005 cent and above, it will be rounded up, e.g, RM4.945 will be rounded up to RM4.95;

B.For fraction of a cent below 0.005 cent, it will be rounded down. For example, RM4.942 will be rounded down to RM4.94.

SOURCE:100++ QUICK ANSWERS FOR GST BUSINESS PEOPLE/ SECTION B