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Friday, April 25, 2014

Registration for GST opens on June 1

24 April 2014| last updated at 05:49PM

PETALING JAYA: A taxable person who is required to be registered under the goods and services tax (GST) regulations can start registering with the dedicated portal from June 1, a Royal Malaysian Customs officer said today.

Fazilah Ariff, the department’s Senior Assistant Director (1), GST Division, said early registration would enable businesses to prepare for the smooth GST implementation when the tax comes into force on April 1, next year.

“The first step to be GST-ready is to register for a GST identification number. You need to check whether you are required to register or whether you want to register voluntarily. 

“Being a GST registered person would allow one to be more prepared, for example, printing the tax invoice with the 12 digits GST identification number generated by the portal,” she told participants at the "Automotive Info Talk" on the GST today.

In explaining the salient features of the GST, Fazilah said, the definition "persons" means an individual, sole proprietor, partnership, company, trust, estate, society, union, club, association or any other organisation, a government department and a local authority involved in business making taxable supplies in the country.

The GST requires a person, who makes taxable supply of goods and services in Malaysia, exceeding the prescribed threshold to register and to keep records of tax inputs and outputs, she said.

She said the calculation of the turnover for registration was based on the total value of the taxable supplies for a 12-month period with people having businesses with an annual sales turnover exceeding RM500,000 are liable to be registered under GST.

"While registration is mandatory for businesses with a turnover that has exceeded the prescribed threshold, businesses below threshold may also apply for voluntary registration, she said.

Fazilah, who exchanged ideas with the participants and speakers from the department, also explained the entitlement to claim for the input tax, other responsibilities and obligations as a registrant under the GST.

The speakers advised the participants and the people to check on the GST portal for other details and informative updates on the GST.

Some 450 automotive industry players and stakeholders attended the one-day seminar hosted in collaboration with the Malaysia Automotive Institute, an agency under the purview of the International Trade and Industry Ministry. -- BERNAMA

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