GST Software for AJS (Approved Jeweller Scheme) for Goldsmith and Jeweller

Royal Malaysia Custom prepare this industry guide to assist businesses in understanding matters with regards to GST treatment on Approved Jeweller Scheme (AJS). The manufacturing of jewellery from precious metals requires substantially high input cost on raw materials, but sales of jewellery are generally slow moving. This results in manufacturers of jewellery having to bear high input tax upfront while the speed of output tax collection from their sales are not in tandem with their input tax payments. As a consequence of this, the jewellery manufacturers would be burdened with cash flow problems as the rate of their output tax collection would not be able to correspond with that of their input tax liabilities. 

The AJS is introduced under the GST Act 20XX to help jewellery manufacturers, including toll manufacturers, overcome cash flow problem created by huge input tax payments coupled with slow or no output tax collections. Under the GST Act, tax charged on supply of precious metals made by a taxable person (supplier) to a jewellery manufacturer (approved jeweller) under the AJS will become the liability of the manufacturer and not the supplier. Hence, the supplier does not have to account for output tax on such supply. On the other hand, the approved person is not obliged to pay the tax to the supplier but shall account for payment of GST on the supply.

To fulfill AJS scheme, Bifrost Tech Sdn Bhd introduce software which able to support GST and also AJS. You can maintain your supplier and customer through the tax exemption no right here which will help you to maintain who is the qualified AJS customer that will waive the GST. 

Malaysia GST Software for AJS

For more details about GST Training, GST Guidance, or GST Software, please contact Bifrost Tech Sdn Bhd at 04-6459769 / 04-6384789 or email to our support team at support@bifrostech.com or visit our website at http://www.bifrostech.com