GST is transactional based. Selecting the appropriate GST software is a crucial component in GST implementation.
As stated on RMC’s website business will be audited from time to time by RMC auditors to ensure compliance and GST licensee may be required to produce certain accounting information as part of the audit process.
If the current accounting software is able to generate operational and financial information, it can be further enhanced to generate a GST Audit File (GAF) report which is a key requirement for GST auditing. This enhancement can greatly save time and hassle free due to minimum paper document submissions.
The recommendations to enhance existing accounting software is made available in the “Guide to Enhance Your Accounting Software to be GST Compliance” publish on RMC’s website.
55 “Approved” Software
During Budget 2014 government announcement the allocation of RM150 million budget as subsidy to help SMEs to account for GST. This budgeted amount will be distributed to SMEs who purchase new or upgraded software for GST accounting, will administered by RMC . This list of software provider accredited will qualify for application of the subsidy.
So in fact there is no approved software list, it is actually a list of software products that are eligible to claim for the SME subsidy.
[title_divider]RMC Director-General Datuk Seri Khazali Ahmad [/title_divider]
There are 72 software submitted to Royal Malaysian Customs (RMC) for Accounting software Compliant testing out of which 55 firms has been selected by Royal Malaysian Customs (RMC).
[counter icon=”fa fa-external-link-square” counts=”72″]Software submitted[/counter][counter icon=”fa fa-check-circle-o” counts=”55″]Approved[/counter]
[button link=”https://powerfulmanager.com/wp/wp-content/uploads/2014/03/20140327-ApprovedRMCGSTSoftware.pdf” target=”_blank” shape=”rounded” size=”large” outline=”no” color=”red”]Get the listing of subsidised software[/button]
PS: At this point in time, there is no listing of criteria provided by RMC nor confirmation of the maximum amount of subsidy granted for each SME. By looking at the existing statistic of SME being at least 1 million companies, the subsidy allocated may not be adequate for all to share.
PPS : If you are using customised software, it is crucial to start looking into whether your software is in fact ready for customisation and able to facilitate GST implementation. Send a copy of the “Guide to Enhance Your Accounting Software to be GST Compliance” to relevant personnel.