GST – Goods and Services Tax


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The government needs revenue to administer the country and finance its developments. One of the main source of revenue is raised through taxation. Taxes are in the form of direct taxes e.g. income tax, corporate tax and indirect taxes e.g. sales and services tax.

In implementing a tax regime, the government’s priorities are that the taxation system is fair, effective and efficient.

To achieve those objectives, the government is implementing the Goods an
d Services Tax (GST) on 1 April, 2015.

More than 160 countries have implemented the GST since the 1950’s.

 

What is GST?

Good Service Tax (GST) is a consumption based tax. It is charged at each point of supply in the production chain from manufacturing stage to distribution to retailing stage, including imported supplies. The implementation of input tax and output tax makes it possible for GST to operate as a value-added tax system.

 

Do I Need to Register For GST in Malaysia?

Goods and Services Tax (GST) is a multi-stage tax on domestic consumption. GST is charged on all taxable supplies of goods and services in Malaysia except those specifically exempted. GST is also chargeable on the importation of goods and services into Malaysia.

 

Who shall register under GST?

Any person who makes a taxable supply for business purposes and the GST exclusive value of the taxable turnover of that supply for a period of 12 months or less exceeds the threshold of RM500,000 is required to be registered for GST.

However, business with taxable turnover of RM500,000 and below, even though not required to be registered, may choose to apply for voluntary registration.

 

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What You Need To Do

 

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Information Required for GST Registration

  • Company / Business’ Details – Company/Business Name, Contact Information
  • Financial Account Details – Financial Year End Month, Total Turnover with details breakdown to standard rate supplies, export, zero rated and exempted
  • Industry codes (MSIC Code)
  • Bank account information
  • Softcopy of Bank Statement (to attach together with the application)