GST – Bulletin 2015/06
24 November, 2015
Dear Fast Track Customers,
As you may aware, the authority had recently fine-tune guidelines and some updates particularly in Bad Debts Relief as below (Please visit Customs Portal for details, as new DGs’ Decisions are being introduced occasionally):
- Kindly ensure you keep separate account for “Refund for Bad Debts Accounts”.
- You may consider to include your Customer GST Number and Registration date, as the bad debts relief only applies to supplies made to Registered Person
Our consultants may contact you to review your settings on Bad Debts relief, as it is mandatory by GST Act.
New ruling may continue to introduce before it is stabilized. E.g. the focus is on Bad Debts Relief after 6 months; perhaps the next level is Capital Goods Adjustments when approaching 1 year. We will continue to update the GST Add-On while pending clearer requirements.
Thank you for your support and understanding.
Fast Track SBOi Sdn. Bhd. (776340-M)