KUALA LUMPUR: The number of companies registered for the Goods and Services Tax (GST) stood at 283,647 as of yesterday, an increase of 10,800 from Tuesday, the Royal Malaysian Customs Department said.
The number of GST-registered companies has surpassed the government’s year-end target of 140,000.
Businesses with an annual turnover of less than RM500,000 are encouraged to apply for voluntary GST registration in anticipation of their sales exceeding the threshold amount in the future.
Malaysia is set to implement the new consumption tax at six per cent at all levels of businesses from April 1, 2015.
The registration exercise ends today. – Bernama