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Turnover Below RM500,000 subequent to GST registration

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Turnover Below RM500,000 subequent to GST registration

Post by Evon on Wed Jun 24, 2015 2:45 pm

Hi,

Scenerio 1:

During GST registration, the company expecting the turnover will be above RM500,000.00.The basis to determine is based on previous 12 months turnover figure achieved.
Subsequent to GST registration, if later turnover achieved by the company is below RM500,000.00.
Can the Company inform Custom office to withdrawn from GST registration?

Scenerio 2:

The Company is under quarterly submission for GST as expecting turnover is below RM5 Million at the time of registration.
In view of successfully being awarded a contract, the Company expecting its turnover will be above RM5 Million.
Should the company inform Custom office to change from quarterly to monthly submission?

Evon

Posts : 27
Join date : 2015-03-13

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Re: Turnover Below RM500,000 subequent to GST registration

Post by joseph on Wed Jun 24, 2015 6:16 pm

1) Customs have a rule, once registered, stay registered for 2 years. However, that applies to voluntary registration only.

Write in to Customs to apply for cancellation by completing the form: GST - Adm 12 available here:
http://gst.customs.gov.my/en/rg/Pages/rg_fm.aspx

2) Yes, inform Customs as soon as you have knowledge the RM5m threshold is achievable.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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