Goods And Services Tax (GST) Kuala Lumpur, Penang

Goods and services tax, abbreviated to GST, is a generalised tax levied at the retail level. The nearest parallel to the goods and services tax is the sales tax, which is familiar to most individuals. However, the goods and services tax subsumes this sales tax and also amalgamates various other taxes into one entity to simplify the administration and improve the efficiency.
Because the goods and services tax is a form of tax paid at the retail level, sellers or retailers act as a form of proxy through which end customers or buyers remit taxes to the government. As such, the tax is collected by the retailer and later remitted to the government. Conversely, because retailers as individuals purchase various items on retail themselves, they can claim credits to the tax they remit to the government based on what they pay as GST on purchases they make in return.
Goods and Services Tax in Malaysia
The goods and services tax is a fairly new thing in the Malaysian jurisdiction, being implemented from the beginning of the financial year of 2015. As a result, not a lot of people, especially people of taxpaying age, are really aware about the details of the goods and services taxes.
Benefits of The Goods and Services Tax

• Previously implemented sales tax has limited scope; Government loses revenue
• GST is broadly applicable and consumption based; no regard to individual age
• GST can be implemented without affecting retail prices
• Can be structured to prevent additional tax burden on low income groups

Retailers and manufacturers who are registered for the goods and services tax can avail a significant number of benefits over non registrants. For instance, the goods and services tax is implemented at every level of purchase, including those of consumables and raw materials. Therefore, those who are registered for the goods and services tax can directly claim credits on the input tax. Additionally, the goods and services tax also improves transparency and reduces bureaucratic hurdles for businesses and tax collecting authorities.
Why Go With OneAccounting For GST Services?
OneAccounting is an established provider of diversified financial and accounting services in Malaysia. OneAccounting is uniquely positioned to understand the situation faced by different people when it comes to handling issues related the GST, thanks to the varied number of clients we serve. As such, our long experience and talented professional employees can guarantee delivery of the best GST services to our clients.