Gifts
#GST22
6 Promotion Items:
i) Discounts
ii) Samples
iii) Purchase with Purchase
iv) Tie-In Goods
v) Gifts
vi) Monetary VouchersIt is common business practice that the Retailers give gifts to its employees or business associates during special season like Deepavali, Hari Raya, Chinese New Year etc.
This is the rule whether you need to account for GST:
1) <= RM 500 per person per year
If the gift amount is given to a person for less than RM500.00 then there will be NO GST
2) >RM 500 per person per year then 6% GST will apply
For both the situations above, retailers are entitle to claim their INPUT TAX.
Note:
No GST has to be charged if the gift is in the form of services (not a supply).
Hope it will help in your implementation and a have a smooth transition on 1 April 2015.
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CUKAI BARANG DAN PERKHIDMATAN (lebih dikenali sebagai GST)
CUKAI BARANG DAN PERKHIDMATAN (lebih dikenali sebagai GST)
Nice blog. Thanks for sharing useful information.
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