GST Malaysia Diary for laymen: A4.To businesses

Generally speaking, if your business is providing taxable supply and annual turnover is more than RM500,000, you are subject to Sec 20 GST Act 2014 , mandatory registration. There is not much different from sole proprietor who providing business from a legal entity view (Sdn Bhd, Bhd & etc) in determining whether your company is subject to GST registration. 

If your company is providing taxable supply, different sources of taxable supply and the annual total amount of taxable supply is more than RM500,000, you have to take action to register your business under Royal Malaysian Custom Department (RMCD) before 31 December 2014. Fairly say that, unless the company is an inactive company (dormant) or an investment holding company (with rental income from residential property, mainly receiving dividend from subsidiary or dealing with exempted supplies), you are most likely subject to be register.

Kindly be noted that, a late registration penalty of not more than twenty five percent will also be imposed on the unpaid tax due. If the person refused to be registered, he shall be liable to a fine not exceeding RM50,000 or to imprisonment for a term not exceeding three (3) years or to both.

Note: Thanks for your time spending with me to read on my thought, for continue reading, please refer to my topic E0. End topic: Actions you need to prepare for GST implementation;

If you need assistance in registering your GST license, please do not hesitate to contact me, an GST agent authorized under 170 GSTA, 2014 .