GST Quiz : #33 – Disposal of business asset subject to GST? 出售业务资产需要缴消费税吗？ 1. Issue: Does disposal of business asset subject to GST? How about disposal of Investment of property? Subject to GST? 2. Fact: Disposal of business asset = a supply under GST ? 3. Conclusion: Yes. GST is charged on:- (a) any taxable supply of goods and services; (b) made in the course or furtherance of any business; (c) by a taxable person; (d) in Malaysia. Supplies can be in the form of goods or services. A supply of goods involves the transfer of ownership of the goods from one person to another person. Goods mean any kind of movable and immovable property such as machinery and motor vehicle. For example, a person supplies goods if he transfers goods permanently out of the business under a sale arrangement. However, goods do not include money. 4. Supporting document: gst.customs.gov.my/en/rg/SiteAssets/general_guides/Revised/General%20Guide%20-revised%20as%20at%2027%20October%202013.pdf (GST General Guide Note 5 page 2-3) Disclaimer statement It is the responsibility of the recipient to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content. Therefore KTP shall not be liable for any loss and damage caused by any recipient’s reliance on such information. #KTPGSTSupply
Posted on: Mon, 08 Dec 2014 06:09:48 +0000