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.
Apparently....GST is really causing a lot of troubles and bleeding pockets. :/
ReplyDeleteInitially yes but now as time goes by, we get used to it..
DeleteI believe some errant businessmen are using GST to increase their prices unnecessarily. Haih... :( In the end, it is the people who suffer.
ReplyDeleteMaybe but responsible ones won't do that.
DeleteSo far your receipts are quite ok, no adjustments of rounding due to 99cents or ending with a few 1 cents.
ReplyDeleteThat's because the prices are inclusive of tax with round numbers.
DeleteWhich 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?
DeleteYes, we exactly did that.
DeleteOh yes, agree with you. Those cream buns is Rm0.85 now.. Lots of 5 cents to deal with..
ReplyDeleteYes, quite a number of products with cost that includes 5 sen.
DeleteYup. Every cents count. Luckily no more 1cent coin or we need to dig them all out. Haha.
ReplyDeleteYes. Cannot afford to ignore it or give discount to your customers. I am sure they would understand.
True, now every 5 sen counts. Guess customers are more understanding now.
Deleteyes, 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??
ReplyDeleteeg: 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??
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.
DeleteThe 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?
ReplyDeleteAs for us, we have sorted out which is taxable and which is not with the usage of yellow and white price tag.
DeleteMaybank is our preferred bank.
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.
ReplyDeletehttp://chingchailah.blogspot.com/
True..now I have to keep searching for 5 sen as we need more of them for GST.
Deletereally pening now lo.
ReplyDeleteactually it's ok for us..only confusing for the customers. So we need to clarify for them.
DeleteCan send back to bank negara?
ReplyDeleteYou mean the 5 sen coins? We need more of them.
DeleteMy friends keep complaining about workload in GST...still lots to learn, they said.. and confused too..
ReplyDeleteIndeed I have extra work to do. But it will be quite hectic for accountants and their staff.
DeleteThe implementation of GST has created a lot of work and confusions in accounting jobs..I am one of the confused one.
ReplyDelete