You asked: What is the SST rate in Malaysia?

Conclusion. SST in Malaysia was introduced to replace GST in 2018. The current tax rate for sales tax is 5% and 10%, while the service tax rate is 6%. If your company is already GST-registered, the MySST system will automatically register your company for SST.

What is the current SST rate in Malaysia?

On September 1st 2018, the Sales and Services Tax (SST) was reintroduced to replace the unpopular Goods and Services Tax (GST). Under the new SST, goods are taxed between 5 to 10 percent and services at 6 percent.

Is there SST in Malaysia?

The Sales and Services Tax (SST) has been implemented in Malaysia. The SST replaces the existing Goods and Services Tax (GST) and affects all domestic and import shipments. … All import shipments with customs clearance dated on or after September 1, 2018 are now subject to SST.

What is SST output tax?

The components of SST are a sales tax of 10% and a service tax of 6%. SST is an enhanced version of the earlier Sales Tax Act 1972 and Service Tax Act 1975, which governed Malaysia’s indirect tax arena for over 40 years before the move to GST on 1 April 2015.

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Who pays SST in Malaysia?

Who Pays SST(Sales and Service Tax) in Malaysia? The businesses that perform their activities in Malaysia and internationally will have to pay SST if they exceed a particular annual income threshold. The current threshold is set at an amount of RM500,000.

When should I charge my SST?

The SST payment should be done within 30 days from the end of the taxable period. The timing to account for the respective transactions is different for Sales Tax and Services Tax: For sales tax, it is when the taxable goods are sold, disposed of or first used by the taxable person.

Which one is better GST or SST?

For businesses, GST claim back on tax has been difficult, can be declined, and requires a minimum of RM500,000 in annual sales before being claimable. … While SST will cause the government a tax revenue drop, estimated at RM25 billion, SST is seen as a less progressive form of tax and many countries have moved on to GST.

Is rental income subject to SST in Malaysia?

The rental of the space is not subject to service tax because it is located outside the accommodation premises. d) provision or sale of tobacco products and alcoholic and non-alcoholic beverages. 11.

When did Malaysia get SST?

Introduced in September 2018, SST replaced the former 6% Goods and Services Tax (GST) system.

How can I check my SST Number Malaysia?

How to Check SST Registration Status for A Business in Malaysia

  1. Step 1: Visit, click “Registration Status”:
  2. Step 2: Select one of the Choices:
  3. Step 3: Key in your company information:
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How is SST penalty calculated?

SST late payment penalty on the amount of sale and service tax not paid is

  1. 10% on first 30 days periods.
  2. 15% on second 30 days period.
  3. 15% on third 30 days period.
  4. Maximum penalty of 40% after 90 days.

How do you record SST in accounting?

Link the tax code to the account payable that you have created in your COA. After that, when you record your supplier invoice that have SST, you can easily add the tax code to your purchased items and they will be recorded to the account. In such way, you can record charges for your cost of goods and tax paid.

What is subject to SST Malaysia?

Service tax that is a tax charged and levied on taxable services provided by any taxable person in Malaysia in the course and furtherance of business.

What is subject to SST?

The Service Tax rate is fixed at 6%, and the list of services subject to it include hotels, insurance, gaming, legal and accounting services, employment agencies, parking, couriers, advertising, and electricity.

Can SST be claimed?

What is SST Rate in Malaysia? The goods are charged with SST throughout the process or chain of B2B. This kind of tax isn’t deductible by the taxpayer.

What is SST payment?

Payment of Malaysia sales and services tax (SST) is now a straightforward process, especially so when it saves the hassle of heading to the Customs in person. … The due date for SST payment is the last day of the following month from the taxable period, which means the taxable period was two (2) months before.

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