GST Ready…

gst

Mylegalsoft- Software Solution for Law firm in Malaysia

To comply with the Malaysia Government requirement, Mylegalsoft is now come with Goods and Service Tax (GST) features. With the newly added in features, Mylegalsoft can calculate the input and output tax automatically and generate relevant reports like GST-03 and GST Audit File GAF for quarterly or monthly submission.

Mylegalsoft is a law practice management software specifically design to handle law firm accounting needs, we build solutions that is 100% based on the requirement from experience law firm operator and senior partner, we improve the work flow for case handling and management in order to shorten the document processing time, we simplify the calculation process to generate professional bill to client, we keep detail records for tax declaration, we help law firm manage and control disbursement account to avoid over run cases..

 

What is GST?

“GST which is also known as VAT or the value added tax in many countries is a multi-stage consumption tax on goods and services.

GST is levied on the supply of goods and services at each stage of the supply chain from the supplier up to the retail stage of the distribution. Even though GST is imposed at each level of the supply chain, the tax element does not become part of the cost of the product because GST paid on the business inputs is claimable. Hence, it does not matter how many stages where a particular good and service goes through the supply chain because the input tax incurred at the previous stage is always deducted by the businesses at the next step in the supply chain.

GST is a broad based consumption tax covering all sectors of the economy i.e all goods and services made in Malaysia including imports except specific goods and services which are categorized under zero rated supply and exempt supply orders as determined by the Minister of Finance and published in the Gazette.

The basic fundamental of GST is its self-policing features which allow the businesses to claim their Input tax credit by way of automatic deduction in their accounting system. This eases the administrative procedures on the part of businesses and the Government. Thus, the Government’s delivery system will be further enhanced.

We need to pay taxes so that the government can finance socio-economic development; which includes providing infrastructure, education, welfare, healthcare, national security etc.

“Over the past few decades, the worldwide trend has been for the introduction of a multi-stage GST system. Today, almost 90% of the world’s populations live in countries with GST, including China, Indonesia, Thailand, Singapore and India.”
(Taken from http://gst.customs.gov.my/en/gst/Pages/gst_wi.aspx)