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Businesses with an annual revenue of more than RM500,000 will need to register for and comply with GST. Failure to comply can lead to penalties,fines and possible jail terms. So, Sage come to help our customers and small businesses in general to comply with GST regulations. There are several obvious benefits of being GST registered, even for a small business that can register for GST voluntarily. They have a benefits of being GST registered. They have some questions regarding GST software like these question below.
Question 1: Is it mandatory to use accounting software for GST?
Sage : No, it is not mandatory.
However, GST is a based on transactions so the more transactions your business has, the more difficult to keep track of all transactions manually. Therefore, Accounting software is a tool to help you comply with GST.
Question 2: How does a SME know which software is approved for GST?
Sage: There is no such thing as software approved for GST. Everyone is free to use whichever software product they prefer.
To clarify this misconception, here are the facts.
The government has allocated a RM 150 million budget to help SMEs to account for GST. This budgeted amount will be distributed to SMEs who purchase new or upgraded software for GST accounting.
The subsidy will be administered by Kastam Malaysia. They will identify and accredit suitable software that will quality for application of the subsidy.
So there is no approved software list. It is actually a list of software products that are eligible to claim for the SME subsidy.
At this point in time, there is no conformation of the maximum amount of subsidy each SME can apply for and which software product is in the eligible or accredited list.
Question 3: What is the difference between approved and unapproved software?
Sage: As stated above, there will be a list of software products eligible for application of SME subsidy. Whether a software product is on the list or not, does no really affect it's suitability for GST. There is no list of approved or unapproved software for GST.
Question 4: What should Sage or UBS customer do?
Sage: If you are using our accounting software product, and your Sage Cover is still active, you will be able to upgrade to an improved version that will help you comply with GST. Even if the Sage Cover for your licence has expired, you can upgrade to that improved version by paying an upgrade fee.
Please note that there is no need to wait for the improved version to be released. If you upgrade now, you will be eligible to upgrade to all versions released within the next 12 months. Also note that customers with active Sage Cover will enjoy better pricing for GST training services.
Question 5: When will Sage UBS software be GST ready?
Sage: The current version of our accounting products already allows you to register GST. This is what some software developers call "GST ready".