Upgrading your business accounting software to a one that is compliant with GST may not be an easy solution. At the time of writing there are around 300 local and foreign softwares which are GST compliant and is approved by Royal Custom Department of Malaysia. A GST compliant software will help a business tracking and maintaining proper and accurate financial information. Royal Custom Department will have to right to audit business to ensure that proper tax declarations are implemented thus it is necessary to implement an effective GST accounting software
Here are some basic guidance on implementing a GST compliant software to your business.
- A GST complaint software should be able to generate a GAF ( GST audit file)
- Ability to generate invoice in accordance to GST legislation
- Function to generate audit trails to re construct events when needed
- Function to generate income tax return easily
The prices of GST compliant software ranges from RM 2,000 to RM 10,000 and above. Fortunately the Government does provides incentives for small and medium businesses to upgrade their software to a GST compliant software. Business that are eligible for this incentive will receive a one time RM 1,000 voucher.
You will have register your business for GST first. You may use the link below to check whether your company is eligible for eVoucher. http://gst-evoucher.smecorp.gov.my/gst/auto.do?action=check
The e-Voucher is sent to GST registered email while it can be printed and claimed from your GST software vendors.
If you need any assistance or keen on purchasing a GST complaint software. Feel free to fill up the form where GST software consultant will be in touch with you