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Jan 23, 2016
Category: GENERAL NEWS
Posted by: admin

Quick introduction to Tax Invoice and Input Tax Claim.

Jan 23, 2016
Category: GENERAL NEWS
Posted by: admin

Keep track of the latest ruling issued by the Director General of Customs (DG a.k.a Ketua Pengarah Kastam)

Jan 20, 2016
Category: GENERAL NEWS
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Jan 23, 2016

Tax Invoice and Input Tax Claim


Quick introduction to Tax Invoice and Input Tax Claim.

Category: GENERAL NEWS
Posted by: admin

ISSUING TAX INVOICE

There will be 2 types of invoices issued by GST registered person/company. Non-registered companies are not allowed to issue tax invoices, it is an offence. Registered company must issue tax invoices, failure of doing so is an offence.

1. The Full Tax Invoice

 

2. The Simplified Tax Invoice

example :

 

This format is similar to receipts you get from hypermarkets, parking, convenient stores etc.

Businesses must first obtain permission from Customs to issue simplified invoices, else one are allowed to only issue Full Tax Invoices.

 

INPUT TAX CLAIM (ITC)

Input Tax is generally claiming tax from purchases that is accompanied by a Full or Simplified Tax Invoice. 

By default, a business can claim most of the input tax incurred for the furtherance of business such as buying stocks of goods to sell, office sundries, bills and other expenses etc.

There are purchases which you have paid GST but cannot claim. These are called the BLOCKED INPUT TAX. This generally happens when you are the last consumer of the product such as medical, insurance, golf club membership, company car etc.

But for the case of Simplified Tax Invoice, the maximum claim is RM30 per receipt. If you buy office stuff worth RM1000 and receive a Simplified Tax Invoice (Receipt), ask the cashier to give you a full tax invoice so that you can claim RM60 instead of RM30. Most established hyper-marts have been educated on this issue and will comply without a fuss.

 

 

  Next page: MYSOFTWARE GST 2016