Is Your Restaurant GST Compliant?

GST Compliant

If you are a business owner or a restaurant owner, you would probably want your restaurant to be GST Compliant.

In September 2016, the Royal Malaysian Customs Department launched the Customs Blue Ocean Strategy Operation (Ops CBOS) to audit the companies registered for the goods and services tax (GST).

At that time, there was about 420,000 companies registered for the GST. The first phase of audit was done with 50,000 companies.

As the audit inspections increase, many businesses are scrambling to be GST compliant.

A monetary fine will usually be imposed on businesses that committed a GST offence which can be anything from penalty for incorrect return to penalty for evasion of tax, fraud. In more serious cases, the individual(s) can be imprisoned.

Here is a calculation of penalty charged on the amount of GST remained unpaid:

NUMBER OF DAYS TAX DUE IS NOT PAID	RATES OF PENALTY (%)
1 – 30	10
31 – 60	25
61 – 90	40
> 90	40

A lot of times, the GST fines are imposed due to incorrect tax filing.

So why put your restaurant and yourself through unnecessary risks and headache, when you can automate this process?

Slurp! F&B POS system is fully integrated with GST support. Printing tax and receipts that are GST compliant, and accessing sales report for your restaurant with GST information included has never been easier.

Sign up for a FREE demo below to make GST compliance easier for your restaurant.