Retailer FAQ about GST 6% to 0% 

The Ministry of Finance of Malaysia has announced that from June 1st, theGoods and Services Tax (GST) in Malaysia will be zero rated. See below questions and answer regarding retail POS transitional from 6% to 0% GST.

Q1 : How will the 0% GST POS tax invoice look like?
A : Sample of 0% GST POS tax invoice is shown below.

Q2 : Do I need to standby on 31 May 2018 to manually change GST from 6% to 0%?
A : No. Goldsoft POS and back-end system will auto update 0% GST effective 1st June 2018 12.00 a.m.

Q3 : How do I change the price tag which currently shows a standard rate of 6%?
A : All company are given until 30 June 2018 to replace the price tag. You could give us your price formula or change the price by your own at Markdown/Promotion feature.

Q4 : What will be the new price if my product is currently selling at RM100 GST inclusive?
A : The new price with 0% GST should be RM94.34. All retailers should ensure in line with the Price Control and Anti-Profiteering Act 2011.

Formula:
Display price (including GST 6%) : RM100
Price paid (excluding GST 6%) : RM100 X (100/106): RM94.34

Q5: What should I do for promotion price already preset for 1st May 2018 to 30 June 2018?
A: You need to end the preset promotion price from 1st May to 31st May and create a new promotion price starting 1st June 2018.

Q6 : Do I need to submit GST-03 return?
A : Yes. GST Registered company are still required to submit GST-03 until further notice.

For more information, please contact our customer support at 603-9173 2802 or email marketing@goldsoft.com.my.