Ministry of Finance has also announced that Sales and Services Tax (SST) will be re-introduced in due course (http://www.treasury.gov.my/
Moving to new Malaysia GST Regime with Deskera
- For every 6% GST tax (XX), there will be another tax with 0% (XX@0%), e.g.
- GST(TX) will remain at 6%, while GST(TX)@0% will be at 0%.
- Both taxes – GST(TX) and GST(TX)@0% will be tagged to “TX” tax code for correct classification box in GST return
- May and earlier invoices should continue to be tagged at 6% (XX). June and onward invoices should be tagged to 0% tax (XX@0%)
- All 6% taxes will be deactivated on Aug 1, 2018, as monthly GST submission for May 2018 will be completed by Jun 2018 and quarterly GST submission for this quarter will be completed by Jul 2018.
- Once SST is re-introduced, we will provide suitable module in Deskera.