Businesses urged to register for GST now before Annual Sales Turnover exceeds RM500,000

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PETALING JAYA, Nov 19 (Bernama) — Businesses with annual sales turnover of less than RM500,000 now are urged to register for Goods and Services Tax (GST) before the annual turnover exceeds RM500,000 in the future.
Finance Ministry Deputy Secretary-General (Policy), Datuk Mat Noor Nawi, advised such companies to voluntarily register with the Royal Malaysian Customs Department for the implementation of GST.

“It is better for them to make the necessary preparation now as they will need to register for GST when their annual turnover grows to RM500,000 or more.

“These companies would encounter situations where they have to comply with GST procedures with businesses that are already GST-registered,” Mat Noor told reporters at the ‘Young Entrepreneur Organisation Malaysia-Credit Guarantee Corporation GST Open Day 2014’ here today.

It is mandatory for companies with annual turnover exceeding RM500,000 to register for the GST.

He said the Customs Department would hold a hand-holding programme on the GST.

“The programme aims to increase the level of understanding among businesses,” Mat Noor said.

Mat Noor said early registrants for GST would be RM1,000 eVoucher subsidy to buy the software from 113 suppliers certified by the Customs Department.

To date, the Customs Department has received 32,961 eVoucher applications and 26,895 were approved.

The GMB-CGC GST Open Day 2014, organised by the Customs Department and Finance Ministry, includes a series of roadshows to 14 locations in the country, to advocate GST.

– See more at: http://malaysianlaw.my/tax/news/businesses-urged-to-register-for-gst-now-before-annual-sales-turnover-exceeds-rm500000-MY12239.html#sthash.C2BYcCAD.dpuf