Post GST implementation, tax invoice will be one of the most important document. Tax invoice is used for
- support a registered person’s claim for the deduction of GST (input tax) incurred on his standard rated purchases
- trigger the time of supply as the invoice date will determine when GST is to be accounted for by a registered person on the supply of goods and services (accounting on invoice basis);
- determine which supplies made by him should be included in a particular taxable period;
- determine when he may claim his input tax based on the tax invoice received from his supplier;
Referring to http://gst.Customs.gov.my website on the “TAX INVOICE AND RECORDS KEEPING LATEST.pdf”
In view of this, many measures have been taken to ensure the tax invoice is legitimate copy. For example, tax invoice issuer must also ensure that necessary measures need to be taken to prevent the input tax being claimed twice by the customer.
Refer to the same document note 36.
“Lost or Misplaced Tax Invoice”
36. Whenever a tax invoice of a particular supply is lost or misplaced, you may
request the supplier to provide a certified true copy of the tax invoice as it is an
offence to issue more than one tax invoice per taxable supply. This certified copy of
tax invoice can be used for claiming input tax as long as the document is clearly
marked “COPY” by the supplier.”
In view of this, accounting software is also required to make the necessary change to ensure not only the tax invoice comply to Custom’s Tax invoice requirement, it must also be trackable and accountable for. Without proper accounting and billing system, it is near impossible to achieve this.