13 common GST mistakes from KTP experience

eKTP 17

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  1. Late or non-registering for GST when the amount of taxable supplies exceeded RM500,000.00

  2. Claiming input tax with invalid tax invoice.

  3. Confusion between time of supply (ie 21 days rule) and issuance of tax invoice (ie 30 days rule)

  4. Confusion on block input tax for passenger motorcar and subsequent related disposal

  5. Confusion on claiming bad debt relief and subsequent recoverable of debts

  6. Confusion on gifts rule (total cost of gifts is RM500 and above)

  7. Insufficient documentation on export and import of goods

  8. Omission to account for GST on imported services belongs in Malaysia

  9. Tax invoice is not issued when payment is received before basis tax point

  10. Wrongly state the value of capital good acquisition in the GST return inclusive of tax

  11. Confusion between reimbursement vs disbursement and agent vs principal

  12. Omission to account for output tax on disposal of business assets

  13. Wrong tax code for incidental exempt supplies such as interest income received, foreign exchange gains or losses

 

Please do not hesitate to contact me at 07-3613443 (Extension No. : 328) for further clarification.

 
Darren Yap