Hello September. The month that we have all been waiting for as SST ("Sales and Service Tax") welcome us with a big grin! =)
Key information for SST:
1. Registration: Manufacturers or service provides who are categorized as GST registered persons which have been identified and fulfilled the requirements will be automatically registered under SST. Please do check the custom portal for further details on the eligibility.
2. SST effective period starts: 01.09.2018
3. SST Portal: MySST
4. Submission of SST return (SST-01) : Bi monthly (every 2 months) according to the taxable period and has to be submitted not later than the last day of the following month after the taxable period ended. The SST return has to be submitted regardless there is any tax to be paid or not.
5. Submission method: The SST return can be submitted electronically or by post.
6. Payment: Payments can be made electronically or by cheque, bank draft and posted to SST Processing centre.
7. Rates: Sales (5% or 10%), Services (6%)
8. Threshold: Exceeding RM500,000 within a period of 12 months
9. Keeping of records: 7 years
10: Invoice format: The word "Invoice" has to be clearly indicated on the invoice itself.
Please be informed that: GST-03 last submission/payment: 29.12.2018
Have a great independence long weekend!
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