What is the GST Impact for the Online Business ?
Many sellers are not clear about the Impact of the GST, some of them just think my item it just small amount for the transaction. No need to think about the 6% GST. But end of the day. They just notice actually the profit is less a lot compare to before GST. Why?
Please note that is some cost in your business. You must clear before you calculate your actual selling price and profit.
Here is the example for the Calculation before and after Malaysia 6% GST
Payment Gateway
| Customer to Merchant with 6% GST | |||
| MYR 100.00 | Sale Amount | ||
| MYR 6.00 | 6% GST for the billing | ||
| MYR 106.00 | Amount to Marchant Account | ||
| Gateway to Merchant with 6% GST | |||
| MYR 106.00 | Sale Amount | ||
| MYR 3.18 | 3% processing fee | ||
| MYR 0.19 | Gateway GST 6% | ||
| MYR 3.37 | Total processing fee | ||
| MYR 102.63 | Settlement Amount | ||
| MYR 6.00 | Cash belong GST | ||
| MYR 96.63 | Cash belong to Marchant | ||
