According to Goods and Service Tax Act 2014, business with an annual
turnover exceeding RM500,000 is recommended by Royal Malaysia Custom (RMC) to
obtain its GST registration number by 31 December 2014.
With that, please find below our GST registration numbers for your
record:-
Company Name |
Company Registration |
GST Number |
Mobile88.com Sdn Bhd |
521817-M |
000576036864 |
iPay88 Sdn Bhd |
726820-X |
001311219712 |
|
|
|
We urge all registered merchants to update your company details with GST
registration number at http://goo.gl/forms/rXn4nQAnlE by 15 March 2015 as part
of our system upgrade to issue you valid Tax Invoice in the GST era.
We also enclose below illustrations that help you to compare and
understand better the impact of GST on iPay88 fees:- |
Current Without GST
- Transaction value =
RM100
- iPay88 fees = RM100 X
3% (assume at 3% of transaction value) = RM3.00
- iPay88 pays back to
merchant = RM100 - RM3 = RM97
- Merchant's profit =
RM100 - RM3 = RM97
|
|
In GST era if you are non GST registrant & not charging 6% GST on
your sales
- Transaction value =
RM100
- iPay88 fees = RM100 X
3% (assume at 3% of transaction value) = RM3.00
- GST on iPay88 fees =
RM3 X 6% = RM0.18
- iPay88 pays back to
merchant = RM100 - RM3 - RM0.18 = RM96.82
- Merchant's profit =
RM100 - RM3 - RM0.18 (GST not recoverable) = RM96.82
|
|
In GST era if you are GST registrant & charge 6% GST on top of your
sales
- Transaction value =
RM100 + 6% GST RM6 = RM106 (total receipt included RM6 GST from
customer)
- iPay88 fees = RM106 X
3% (assume at 3% of transaction value) = RM3.18
- GST on iPay88 fees =
RM3.18 X 6% = RM0.19
- iPay88 pays back to
merchant = RM106 - RM3.18 - RM0.19 = RM102.63
- Merchant - GST payable
to Custom = RM6 - RM0.19 (input tax claimable) = RM5.81
- Merchant profit =
RM100 - RM3.18 = RM96.82
|
|
In GST era if you are GST registrant & absorb 6% GST in your sales
- Transaction value =
RM94.34 + 6% GST RM5.66 = RM100 (total receipt included RM5.66 GST from
customer)
- iPay88 fees = RM100 X
3% (assume at 3% of transaction value) = RM3
- GST on iPay88 fees =
RM3 X 6% = RM0.18
- iPay88 pays back to merchant
= RM100 - RM3 - RM0.18 = RM96.82
- Merchant - GST payable
to Custom = RM5.66 - RM0.18 (input tax claimable) = RM5.48
- Merchant profit =
RM94.34 - RM3 = RM91.34
|
Further, you are advised to check the below link on GST guide issued by
Custom on e-commerce.
http://gst.customs.gov.my/en/rg/SiteAssets/industry_guides_pdf/Guide%20on%20E-commerce%2020.08.2014.pdf
|
|
|
Kindly send email to [email protected]
if clarification is required on
iPay88 fees
related to GST.
Thank you.
|
|
0 comments:
Post a Comment
Please write us a feedback. Thank you!