GST (4)

Those were the days when I usually gave a discount of 5 sen or 10 sen. 

Since the implementation of GST, I try not to do that anymore. Because we need to pay the GST to the government.

I realized that I used to encounter receipts with amount such as this..

 5 sen extra. Last time I ignored it but this time I have to acknowledge it.


 I also realized that suddenly there are so many products which have 5 sen price tag after GST inclusive 
such as RM0.85 for a bun.


We didn't use so many 5 sen before. Now we need lots of 5 sen. 


Comments

  1. Apparently....GST is really causing a lot of troubles and bleeding pockets. :/

    ReplyDelete
    Replies
    1. Initially yes but now as time goes by, we get used to it..

      Delete
  2. I believe some errant businessmen are using GST to increase their prices unnecessarily. Haih... :( In the end, it is the people who suffer.

    ReplyDelete
    Replies
    1. Maybe but responsible ones won't do that.

      Delete
  3. So far your receipts are quite ok, no adjustments of rounding due to 99cents or ending with a few 1 cents.

    ReplyDelete
    Replies
    1. That's because the prices are inclusive of tax with round numbers.

      Delete
    2. Which means your products price are different from before GST? Since before you may have a product selling for RM3 and with GST it will be RM3.18 but your price tag is inclusive of tax with round numbers means you round it up to RM3.20?

      Delete
    3. Yes, we exactly did that.

      Delete
  4. Oh yes, agree with you. Those cream buns is Rm0.85 now.. Lots of 5 cents to deal with..

    ReplyDelete
    Replies
    1. Yes, quite a number of products with cost that includes 5 sen.

      Delete
  5. Yup. Every cents count. Luckily no more 1cent coin or we need to dig them all out. Haha.

    Yes. Cannot afford to ignore it or give discount to your customers. I am sure they would understand.

    ReplyDelete
    Replies
    1. True, now every 5 sen counts. Guess customers are more understanding now.

      Delete
  6. yes, now there are many items priced at xx.x5 due to the GST and rounding up/down the sen.. I wonder, with the rounding, are you reporting the exact amount collected after rounding, or are you reporting by exact 6% in total sales and keep the balance due to the rounding??

    eg: an item is RM2.10, GST at 6% is RM0.126 round up is RM0.13.. total price then becomes RM2.23 but the 5-sen round up/down makes it RM2.25.. let's say you sold 10 of those, so do you report RM1.50 collected as GST or you report exactly RM1.26 and keep the RM0.24 balance??

    ReplyDelete
    Replies
    1. Well, our daily report shows the exact 6%. So I'm reporting it as it is. And we don't have rounding up or down since our prices are tax inclusive with round numbers.

      Delete
  7. The GST blues seems to have no ending as many traders like hypermarkets still faced pricing issues here. WOW! Which bank could give you so many 5 sen coins?

    ReplyDelete
    Replies
    1. As for us, we have sorted out which is taxable and which is not with the usage of yellow and white price tag.

      Maybank is our preferred bank.

      Delete
  8. At one point, 5 sen coins seemed to have no value. Many times the vendors have refused my 5 sens coins. Looks like now the 5 sens will be in use. GST is the hot topic everywhere.
    http://chingchailah.blogspot.com/

    ReplyDelete
    Replies
    1. True..now I have to keep searching for 5 sen as we need more of them for GST.

      Delete
  9. Replies
    1. actually it's ok for us..only confusing for the customers. So we need to clarify for them.

      Delete
  10. Can send back to bank negara?

    ReplyDelete
    Replies
    1. You mean the 5 sen coins? We need more of them.

      Delete
  11. My friends keep complaining about workload in GST...still lots to learn, they said.. and confused too..

    ReplyDelete
    Replies
    1. Indeed I have extra work to do. But it will be quite hectic for accountants and their staff.

      Delete
  12. The implementation of GST has created a lot of work and confusions in accounting jobs..I am one of the confused one.

    ReplyDelete

Post a Comment

Popular posts from this blog

Indian wedding

Sweating Out

Goodbye RealRewards