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06.04.2014 admin
Calling out to all accountants interested in joining hands by participating and cooperating in a jointly organized GST SME Application Workshop. We at eStream MSC Sdn Bhd would like to announce that our application SQL Account, version 4, has been listed in IRAS’ Accounting Software Register (ASR). Starting 1st April 2015, Malaysia will replace the existing sales and service tax with the goods and services tax (GST) which was announced during the Budget 2014 presentation. And part of the package includes the introductory rate of 6%, reduction of corporate income tax rate and more. This is due to it's broad-based consumption tax nature imposed at every stage of the supply chain.
Thus, tax payment is made by intermediary parties from product manufacturer to distributors. Since the announcement, with a lead time of 17 months, businesses have to grasp the principle and mechanism of the GST.
It is an important first step into understanding the effects of GST and a stepping stone towards being GST ready. Businesses can do so by enrolling into talks, seminars or workshops provided by various agencies. A GST compliant business software can help keep track of GST records and generate necessary reports for audit or decision making. The government has recently announced its new plan in replacing the existing sales and service tax with the goods and services tax (GST) starting from April 2015 onwards during the budget 2014 presentation.
With GST, tax payment is performed by intermediary parties from product manufacturers to distributors. Jabatan Kastam Diraja Malaysia had also provided us with the guidelines and requirements of the GST compliant module.

SIMBIZ ® is an accounting software (GST software malaysia, GST accounting software) with GST ready special design for medium, large enterprises in Malaysia, to fulfil various gst malaysia. SIMBIZ ® is local and foreign softwares which is GST compliant and is approved by Royal Custom Department of Malaysia.
GST is charged on the consumption of goods and services at every stage of the supply chain. SIMBIZ ® is a GST solution & accounting software specialist that makes the business process quicker, simpler and more straightforward. Below is a video that demonstrate how SIMBIZ ® assists you to manage & comply Malaysia's GST regulations.
In Malaysia, failure to comply with GST can lead to penalties, fines and possible jail terms.
SIMBIZ ® Accounting Software provides information on Malaysia Goods and Services Tax (GST) implementation.
GST is based on transactions, the more transactions your business's company made, the more difficult to keep the track of all transactions manually. In a nutshell, GST is part of the government's tax reform initiatives to improve the taxation system to be more efficient, transparent and business-friendly. That means you will need to record and keep track your business transactions one way or the other to comply with GST.With that in mind, it is up to businesses to decide whether or not to use an accounting software as a GST tool. As a matter of fact, our GST module has already being used by some of our customers in Singapore.In general, Malaysia and Singapore have its key differences and we tailor our software to make sure they meet each country's guidelines and requirements. Here at GST Accounting Software Malaysia Inspired by the government in its efforts to enhance the effectiveness of the current taxation system, GST is expected to be much more efficient, transparent, and friendly to businesses –highly essential in eliminating all SST weaknesses.
GST may have different effects on different businesses due to its broad-based consumption tax nature.

Likewise, you need to have your business transactions recorded in order to comply with GST. In fact, our customers in Singapore are using our GST module which has been proven by IRAS (Inland Revenue Authority of Singapore) as a software with GST Compliant in Singapore.
Any company with an annual revenue of business more than RM500,000 need to register to comply with GST. As a business software provider, we also provide software trainings and general information on GST to make sure your company is comply with GST regulations.
Therefore, the developing of SIMBIZ ® Accounting software is the best solution to help you comply with GST.
With plenty of useful seminars on the new system, you can start preparing your business for the next level.
Fortunately the Government does provides incentives for small and medium businesses to upgrade their software to a GST compliant software. As software developers, we have received many questions regarding GST features on this year. Our trainer will provide the best training program for users in understanding how GST works and process in SIMBIZ ® software. Our developers have put a lot of efforts in understanding how GST works to ensure your business complies.
Because of "Your success is our success", it is essential for us to deliver the most efficient online real-time business management solution to supports and reinforces your business goals.

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