GST made easy with Web Ninja’s Ecommerce
GST was implemented in Malaysia on April 1st 2015. Nearly a month in, Malaysian businesses are still facing some teething problems ensuring they are applying it correctly for all products and the tax invoices and receipts are being issued in the correct format.
Online sellers are no different, and will need to make sure they have updated the products on their website and clearly display the GST amount at checkout and on the Customer’s order and invoice.
There are no rules as to whether the product pricing needs to be GST inclusive on the site, or just applied at checkout. Whichever you choose, it must be clear to the customer and a breakdown provided.
To help with GST, most Malaysian companies will have bought a new GST-compliant Accounting Software, or upgraded from their previous version. All items will need to be allocated a Tax Code to indicate whether they are Standard Rated at 6% GST or Zero Rated etc., and whether the price listed is already inclusive of GST or not. After spending time and effort ensuring this is all keyed in correctly, the work will need to be completed all over again for your online store. This is simple enough for a handful of items, but what if you have thousands of items for sale…mistakes can be both costly for you as a company in terms of collecting the correct payment and submitting accurate GST returns.
Web Ninja removes the need for double entry on your online store, we pull the data direct from your Accounting Software so you don’t need to. As long as you have added the information correct in your Accounts, it is automatically updated on your Ecommerce store! If the product prices are to be shown as GST inclusive on the site rather than just added at checkout then that’s easy to set up! Alternatively, you can choose to show your product prices as GST exclusive and we will just add the GST amount on at the checkout. Either way, we will also show the breakdown at checkout and on the customer sales order so it is clear for them.
One of the standard Web Ninja functions is to also pull the sales order back into the accounting software, ready to be processed. It will clearly show the GST amount here too in the appropriate format so your work will be easy!
Contact us today for more information about the GST-compliant Accounting Software that Web Ninja works with, and how we can assist your company’s online store.