RM 39 Billion GST Collected in October 2015
In Prime Minister’s Budget 2016 speech on 23rd October 2015, it was mentioned that a total of RM 39 billion GST was collected. However, it will be used to counter the deficit due to oil price drop. Refer to the speech full text here (page 8, item 39).
Mandatory Use of POS System or Cash Register Machine Effective 1st October 2015
Effective 1st October 2015, the Royal Malaysian Customs Department has made mandatory the use of point-of-sale (POS) system or cash register machine for issuing tax invoice for the following categories of business (retailers) :
- Hardware store
- Restaurant including coffee house
- Mini market and grocery store
- Book store
- Entertainment centre
Other than the categories mentioned above, such businesses may issue computer generated or Pre-Printed tax invoices. Refer to the article in Customs website here.
Over RM 6 Billion GST Collected in May 2015
The first round of GST saw RM 6 billion collected from businesses that are taxable monthly. This is expected to increase with GST submission from organizations that are taxable quarterly.
GST Submission for April 2015 will be due soon. Are you ready?
GST-registered businesses with monthly taxable period are required to perform their GST03 submission from 1 – 30 May 2015. Submission can be done online at Royal Malaysian Customs website.