Getting ready for GST

Any business that makes taxable supplies in Malaysia, and whose cumulative 12 month taxable turnover exceeds the proposed threshold of RM500,000.00 is required to be registered under the GST Act. Taxable supplies includes both goods and services. Registration is mandatory and penalties apply for late or non-registration.

How to determine taxable turnover?

12 month period

The criteria is turnover over a 12 month period, and this is calculated using the following methods:

• Historical method
  This would take into account your taxable supplies for any month and your taxable supplies for the last eleven months
• Future method
  This would take into account your taxable supplies for any month and the expected value of taxable supplies for the next eleven months