GST – How It Affects Your Business

GST will be implemented on April 1st 2015. Learn more from the infographic below, how it will have an affect on your business and what you should do once GST has been implemented.

How will the implementation affects SMEs

  1. Change in daily operations to accommodate to the compliant accounting systems.
  2. Businesses will have to make GST output tax within deadlines regardless of whether they had been paid

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  1. SMEs will be able to claim the tax charged to them as input tax if their suppliers are GST registrants as this will lower the burden on cash outflows.

Who should register their business/company for GST?

  1. Companies/businesses that have an annual sales turnover of more than RM500,000.
  2. Businesses with annual turnover of less than RM500,000 are exempted from being GST registered and will thus nit required to collect or pay GST.

Why SMEs should register even if their turnover is below RM500,000?

  1. Non-registered SMEs that are doing businesses with suppliers that are registered may lose out because they are not entitled to claim the input cost incurred on their purchases of raw materials.
  2. They may be at a disadvantage compared with their peers who have registered.

GST-How-It-Affects-Your-Business-Infographic

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    SIMBIZ™ Online Accounting System

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    With multi branch software, SIMBIZ™ also allowed user to access multi branches and can tracking each branch transaction. With the services provided, admin can easily define authorizes people to access assign branch’s data which can be access by browser and internet such as Google Chrome and Safari in Window, Linux, Android or MAC Os.

    User also can get training from SIMBIZ™. Through the training, you will find out many leading benefits from an accounting software Malaysia that has been developed for companies in Malaysia. User can choose either you want to learn online or on-site. Nearly 99% of users were satisfied with online remote support.

    With multi company management system & franchise management system in SIMBIZ™. It will help you find out all the ways how SIMBIZ™ features can help you to do more and help you how to maximize your business growth. Anything you want to know more or ask about SIMBIZ™ system or SIMBIZ™ services, you are welcome to visit SIMBIZ™ system official website: http://www.onlinesimbiz.com, or visit SIM IT SDN. BHD. official website: http://www.simitgroup.com for more details and information.

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