Pakatan Harapan’s manifesto was aims to abolish GST and many are figured how this will be implement. Some are not agreed in abolish the goods and services tax (GST) and reintroduce the sales and services tax (SST).
Finally today May 16, 2018 the Finance Ministry had announced to continue using the goods and services tax (GST) but the rate will be reduced from six percent to zero percent effective June 1. On May 17, 2018, It said that the Sales and Services Tax (SST) will be re-introduced awaiting further announcement is made.
How this new announcement will effect us in AutoCount? Actually to compare setting up for sales and services tax (SST), remain in using goods and services tax (GST) is much more hassle free. All registered businesses are still abide by existing rules which include the need to issue tax invoices, submitting tax statements during the set tax period and tax credit input claims.
We will send out the guideline on how to setup zero percent GST rate in AutoCount when receive further notice. Click here to read FAQ on transitional 6% to 0% GST.