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Registering a Business for GST

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Registering a Business for GST

Post by Admin on Sat Sep 27, 2014 9:43 pm

Under Section 184(2) of the GST Act, it is mandatory for companies and individual businesses with taxable supplies exceeding RM500,000 annually to register for the GST. Registration must be done before Dec 31, failing which legal action could be taken with imprisonment or a penalty not exceeding RM30,000 or both.

The deadline for mandatory registrations is Dec 31, ahead of the scheduled implementation of the GST, which is expected to be rolled out on April 1.

Registrants can sign up for GST on its website www.gst.customs.gov.my.

Registrants are also eligible to apply for a GST e-Voucher from SME Corp worth RM1,000.

Customs would be conducting a “hand-holding” programme in October to provide registrants with a detailed explanation of the GST. There are 19 industries under the hand-holding programme. These sectors range from agriculture, forestry and fishing to e-Commerce and international services.

Among the matters to be discussed in the programme are GST specific treatment for the business sector, implications on cash flow, impact on pricing policies, implication to the accounting system, work flows and process, and documentation requirements particularly tax invoice and GST reporting.

Admin
Admin

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Join date : 2014-07-30

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Re: Registering a Business for GST

Post by DaveLee on Mon Apr 06, 2015 12:53 pm

helo, im new and a little confused about this GST thingy. i own a coffee shop. should i register GST too? i mean my business not exeeding 500,000

DaveLee

Posts : 1
Join date : 2015-04-06

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Re: Registering a Business for GST

Post by joseph on Mon Apr 06, 2015 2:43 pm

If annual taxable turnover not exceeding RM500,000, no need to register.

Don't bother to go for voluntary registration unless you intend to go for computerisation, such as using Point-of-Sale (POS) system to track your sales and maintain computerised accounting records.

_________________


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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