GST Implementation – Latest Updates, Readiness Assessment, Tax Codes, GST Accounting Transactions, GST03 Tax Return, GAF and GST Audit

Introduction:

GST is a transactional indirect tax whereby tax return is prepared based on day-to-day transactions gathered from the financial statements and other relevant departments of the company. GST tax codes have to be assigned for each transaction. Therefore, the preparer of accounts and Directors have to be sufficiently prepared with good understanding of the application of GST tax codes to ensure correct tax returns are tabulated and reconciled before online submission to Royal Malaysian Customs (RMC). GAF has to be generated and provided to RMC periodically as and when required.

This workshop is intended to provide assistance in GST implementation by providing the latest GST updates, accounting entries for GST and to enable the participants to assess their own GST compliant accounting software to generate GST03 tax return and GAF in order to be GST ready with confidence.

How Will You Benefit

Key learning areas covered during this course include:

• Latest updates of GST
• GST Readiness Assessment
• Understanding the application of 23 GST tax codes
• Accounting for GST – chart of accounts, mapping of tax codes, accounting treatments and double entries
• Posting of accounting transactions using GST compliant software
• Preparation and reconciliation of GST03 tax return
• Preparation and understanding of GAF requirements
• GST Audit

Who Should Attend

This program is suitable for IT executive, Accounts Executive, Accountant, Finance Manager, Head of Department, Finance Director / Financial Controller / CFO, General Manager and Director

Methodology

This workshop will be interactive using power-point presentation and a GST compliant accounting software to provide the participants with the required practical examples of GST accounting transactions, mapping of tax codes, preparation of GST03 return and generation of GAF.

Note: Participants are expected to have attended GST training and familiar with their own GST compliant accounting software. Good understanding of basic GST concepts and mechanism; and your GST compliant accounting software are essential to ensure effectiveness of this workshop.

Module