Malaysia Hotline: +603- 2141 8908
The
first step to being 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.
Persons
having businesses with annual sales turnover exceeding RM500,000 are liable to
be registered under GST. Persons include an individual, sole proprietor,
partnership, company, trust, estate, society, union, club, association or any
other organization including a government department or a local authority which
is involved in the business of making taxable supplies in Malaysia.
The
annual sales turnover can be determined based on either:
-
The total value of taxable supplies of the current month and the previous 11
months, or
- The
total value of taxable supplies of the current month and the next 11 months.
You
also need to decide on the type of registration best for your business:
-
Voluntary Registration
-
Group Registration
-
Divisional/Branch Registration
Deregistration
You
must apply for deregistration of your business within 30 days from the date of
the following circumstances when:
-
Your business has ceased
- No
longer fulfill the requirements of registration
Voluntary Registration
Any
person making a taxable supply and having an annual sales turnover RM500,000
and below is not required to be registered. However, you may voluntarily apply
for registration. Voluntary registration is allowable but must remain in the
system for at least 2 years.
Once
registered, you are required to charge and collect GST on the taxable supplies
and at the same time are entitled to claim input tax credit and eligible to
enjoy all facilities provided under the law.
Contact us
If you have further queries, please contact Tannet
24 hours Malaysia hotline：603-21418908;
24 hours Hong Kong hotline：852-27837818;
24 hours Hong Kong hotline：86-755- 36990589;
Email: mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my