1. Is GST amendment effective 1 June 2018, considered as the abolishment of GST?
No, GST is still enacted, not abolished.
The amendment is only on the percentage rate. Which is reduced from 6% to 0%.
2. Is GST registered merchant still require to submit GST‐03?
Yes, GST registered merchants are still required to submit GST‐03, following the submission period as they confirmed.
3. Which tax code to use for sales and purchases?
SR for all existing standard-rated supply.
TX for all existing standard rated purchase.
4. What should I do if I am GST registered?
Don’t worry simply refer to our “Guide for 0% GST in Malaysia" effective 1 June 2018.
5. Can I remove GST tax code from my bills and invoices?
GST is not abolished yet, therefore GST registered merchants are still required to adhere to GST regulations.
If GST tax code is not inserted, Financio will not be able to capture the transaction in GST‐03, in turn, the GST‐03 will be incorrect.
Remember that you will first need to enable GST on Financio during “Business Setup”.