GST SYSTEM - Ready?

melvinfoong — Fri, 08 Aug 2014 15:23:50 +0800

It amazed me to find out that there are still many companies who is not getting ready for GST system yet.

Please do not think GST is simply changing the 6% in the receipt. There are more to it.

I will like to share a few pointers for your company:

a) If vendors tell you they are listed inside Royal Malaysia Custom website of approved GST system vendor, this DOES NOT mean they are really ready to replace your system yet. There are bound to be a lot of customization and for certain companies, the customization could take a lot of time.

b) most vendors are listed under B Category of Royal Malaysia Customs. B = Basic. Not many are listed under A Category. A = Advance. So, what is the advanced functionalities? Many. Without listed inside A, your company might still end up with a lot of manual work.

c) every error is expensive. When GST come and your company is being audited, every wrong submission will have hefty fine and penalty. If there are many manual work to be done, your company will have lots of human error values.

I have evaluated lots of systems and finally I have found one of the best in the market which can be fully customized and cost 1/4 of a normal branded solution. I will not name them out here. I am lucky that my company can afford to hire GST Consultant (super expensive) which help me to "screen" and question vendors on GST functionalities.

I know the given dateline is April 2015. If you have not started, your company might not be so ready and if you have chosen the wrong system for your company, that is BIG BIG problem.

Choose wisely everyone! Cheers!

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GST SYSTEM - Ready?