This is the first of a 4 part series on GST written by Thenesh Kannaa, Partner of TraTax Malaysia
Despite the Royal Malaysian Customs (RMC) conducting many hand-holding programs and issuing many guidelines, including numerous industry guides, mistakes continue to be made by businesses with regards to GST. The purpose of this series of articles is to highlight four of the costly GST mistakes that both SMEs and larger businesses can and should avoid. Today's instalment highlights the aspect of price display.
Display of prices including GST
It is a statutory requirement that if a
GST-registered business displays, advertises, publishes or quotes the price of
any goods or services that it offers for sale, such prices must be GST-inclusive
unless the RMC has approved otherwise. The intention of the law is to ensure that
customers pay no more than the price they see.