Malaysia GST - Taxable Periods

What is Taxable Periods?

#GST18


Taxable period

S40(1) of GST Act, taxable period are normally monthly or quarterly. In case one choose not to follow the norm (monthly or quarterly), then one needs to apply to Director General for approval on the period that they want to submit.

Question now is when you should follow monthly or quarterly (every 3 months)?

Answer: You should follow monthly if your total value of your taxable supplies are more than RM5 million ringgit for the calendar year.

Important Notes: According to S41(6) of GST Act, it is an offence of not submitting your return (GST03). If convicted, you may be fine not more than RM50,000 or to imprisonment for a term not exceeding 3 years.

Summary:
Non submission of return:
1) Fine not more than RM50,000 or
2) Imprisonment < 3 years

Hope it will help in your implementation and a have a smooth transition on 1 April 2015. 

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