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October deadline for businesses

//October deadline for businesses

October deadline for businesses

Source: The Star

PUTRAJAYA: Traders and small businesses have less than three weeks to install point-of-sale (POS) systems to issue invoices that are printed and numbered, in compliance with the Goods and Service Tax (GST) standard.

The Finance Ministry will not allow handwritten receipts from Oct 1.

The ministry had identified six categories of businesses at retail level that must have the POS system or at least a GST-compliant cash registers.

“They include pharmacies, bookshops, grocery and sundry stores, hardware shops, mini markets, eateries and entertainment outlets such as pubs and karaoke joints.

“There are about 70,000 traders under these categories and more than half have yet to install the system,” said Deputy Finance Minister Datuk Johari Abdul Ghani yesterday.

Speaking to newsmen after meeting 40 POS vendors here, he said the traders were being reminded of the deadline as handwritten receipts had led to customers complaining over whether they were being correctly charged for the GST.

“For instance, there were cases where consumers bought several items at a grocery store and were charged the GST on the total amount although certain items were exempted from the GST.

“The POS is a one-time investment costing between RM2,000 and RM4,000 depending on the business.

“Some of the 40 vendors are even willing to offer additional services such as helping traders to key in the data at a very minimal charge,” he said.

Johari said the details of the 40 vendors were available at the Customs Department website.

2016-03-24T16:46:11+00:0024th March 2016|News|
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