SST Part 3 of 4

01eKTP 82

02GST vs SST
 

Things to do before SST come in (assume kick off date is 1/9/2018)
 

Before 31/8/2018

1. Check MySST portal
2. Apply SST exemption from MySST portal
3. Appeal to RMC on “deregistration” of SST if yours goods are under exemption list order.
4. Update accounting software
5. Update accounting record on invoice, receipt & etc.
6. Prepare revised price tag (exclusive of SST)
7. Issue notification on SST to debtor and creditor
8. Conduct training to staffs
9. Review existing sales contract

On 31/8/2018

1. Perform stock count and prepare stock listing *
2. Perform fixed assets count and prepare fixed assets listing *
3. Review bad debts relief on account receivable and payable

Remark

• First schedule : Paragraph 5(8) of GSTA – where any person cease to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by in the course or furtherance of his business immediately before he ceases to be a taxable person.
• Implication #1 : deemed supply upon cessation of taxable person.
• Implication #2 : account in Box 5(a) of the final tax return.