What to prepare in this SST Transition period? 

September 2018: –

- GST Audit File (“GAF”) - Settle GAF issues before GST is abolished and not settle after the GST is abolish

  • Manage potential GST Audit contingent liability
  • GST Audit on-going for 7 years 
  • GST-03 generated from GAF doesn’t match with GST-03 to Customs may trigger Audit
  • To generate GAF file of every taxable period (Apr2015 until Last Submission)
  • Ensure every GAF can be opened (Downloaded GAF ≠ GAF can be opened)
  • Check GAF file against GST-03 past submissions – Reconcile
  • Identify whether your GAF (GST Audit File) format meet RMCD requirement for audit purposes (audit may be on going for 7 years)
  • Missing account balances in GAF when compared to Trial Balanced generated from accounting software
  • Highlight the blank mandatory fields, eg BRN (Business Registration Number)
  • Fields containing incorrect information, eg BRN appears in invoice number field
  • Missing K-1 number for imported goods in P Record element
  • Tax codes in GAF not defined in JKDM Accounting Software Guide
  • Currency Code in GAF does not comply with ISO Currency Code

SST Implementation

  • Solve SST ongoing issues & guidelines on daily operations in ALL involved departments
  • Lay down proper SST implementation mechanics and steps for ALL department staff to follow
  • Reflect ongoing SST updates and changes into ALL affected departments
  • Be alert for & ready to act on the possible official enforcement of the proposed SST Tax code by Customs
  • Be alert for & ready to act on the possible official enforcement of the proposed SST Audit File (“SAF”) by Customs
  • Commencement of 1st SST Taxable period
  • Ensure your software version was up to date

November 2018: –

- Closure of SST Account (1st week of Nov)

- SST Submission

  • 1st SST Taxable period (Sep – Oct)
  • Bi-monthly Return Review Submission
  • To take note: (non-compliance & liability; scope & chargeability; supporting documents; etc)

December 2018: –

- Last GST Submission

  • Last submission & payment for GST on 29/12/2018
  • Unable to claim back the input tax credit after this period
  • Get all the supplier tax invoice previously ASAP to claim ALL the input tax credit
  • Take note on bad debt relief claim