All business that has sales turnover RM 500,000 or more will have to register for GST before 31st December 2014 while business with revenue less than RM 500,000 will have voluntary option for registration. The registration needs to be done with Malaysian Custom Department. According to Customs Department Senior Assistant Director Chin Jek Bik, failing to do so may incur of fine from RM 1,500 to RM 20,000 30 days after GST implementation on 1st of April 2015. Although Goods and Services Tax bill was just tabled for reading in the parliament, it is widely expected to be passed thus becoming an Act soon.
Fortunately, the GST registration can also be done online at your convenience via TAP (Taxpayers Access Point) system. GST returns, GST exempted services and also Zero rated supplies can also be applied via the same system. By registering for GST, this will allows your company to pass down the GST tax to value chain.
The public also can submit complaints, suggestions and comments on items to be zero rated via the website provided below. At the moment, only basic items, education system and healthcare industry is subjected to exemption from GST while tourist can also claim for eligable GST refund via approved refund agent.
Registration of GST for businesses can be do via.
- http://gst.customs.gov.my (TAP system)
- Manual Post to Malaysian Royal Custom Department
- Kiosk at Malaysian Royal Custom Department
To register, you will need the following documentations and information.
- Business Registration Number and IC information
- Bank account details
- Email address
- Sum of taxable supplies
- Industry codes