Malaysia Customs Director-General Datuk Seri Khazali Ahmad said that the department would be conducting a “hand-holding” programme in October 2014 to provide GST registrants with a detailed explanation of the GST.
There will cover 19 industries under the hand-holding programme. These sectors range from agriculture, forestry and fishing to e-Commerce and international services.
Topics to be covered in the hand holding training programme:
- GST specific treatment for the business sector
- implications on cash flow
- impact on pricing policies
- implication to the accounting system
- work flows and process
- documentation requirements particularly tax invoice
- GST reporting.
GST registration
Businesses can sign up for GST on the GST main website.
GST Registration opened on June 1. Todate only only 6,031 out of 300,000 potential registrants had signed up for the GST.
Businesses are urged to register early, before Dec 31, 2014. It is mandatory for companies and individual businesses with taxable supplies exceeding RM500,000 annually to register for GST under Section 184 (2) of the GST Act 2014.
Those who fail to register for GST will face a maximum two-year jail term or a fine not exceeding RM30,0000 or both upon conviction.
The Customs Department will be cross-checking with the National Registration Department and the Companies Commission of Malaysia to ensure that business signing up for the GST are legitimate. The GST system will reject applications from non-existent businesses.
After you register for GST, you will be entitled to attend the hand holding session.
GST registrants are also eligible to apply for a GST e-Voucher from SME Corp worth RM1,000 to purchase a GST compliant software.
Malaysia GST Accounting Software
The GST website has a list of accounting software which has been tested for compliance with Malaysian GST guidelines.
You can also find out more information on approved accounting software from this website : Accounting software Malaysia . One such software suitable for Malaysian SMEs and which is GST ready and GST compliant is MYOB Accounting System.
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