Highest GST registration rate recorded on Feb 27
Putra Jaya: The highest registration rate for the
Goods and Services Tax (GST) was recorded on the
second last day of the exercise on Feb 27 with
18,641 companies complying with the requirement.
Treasury secretary-general Tan Sri Dr Mohd Irwan
Serigar Abdullah said the 11th hour rush to meet the
deadline brought the total number of registrants to
343,920 on Feb 27 from 325,279 on Feb 26.
As the registration closed at 11.59 pm Feb 28, the
total number of businesses that had registered for
the GST were 345,939, more than double the target of
160,000, told reporters after launching the 1Asean
Entrepreneurship Summit 2015 at the Finance Ministry
here Monday.
Under the GST, all businesses with a sales turnover
of RM500,000 or more, are required to register,
while those with less, can do so voluntarily. |
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The registration deadline
was originally set for Dec 31, 2014, before being
extended to Feb 28. Companies that failed to register
for the GST before Feb 28 would face a RM15,000 compound
and be forcibly registered in a crackdown against
defaulters launched by the Royal Customs Department on
Sunday with the deployment of 5,000 officers.
Mohd Irwan Siregar said the authorities were on track
for the GST implementation on April 1. "We are taking
steps to educate the people on the GST.
Of
course, there will be hiccups, but not major hurdles,"
he said. On the fluctuating global oil prices, he said
the price movement would take some time to return to the
original level.
He said the price would likely
be between US$55 and US$65 a barrel this year, but could
go up to US$70 a barrel.
As Malaysia has revised
the earlier crude oil price assumption of US$100 per
barrel used in Budget 2015 to US$55 per barrel, he said,
"If crude oil were to fetch better price, then we can
spend more to boost the economy." – Bernama
Source:::
Daily Express, dated 03/03/2015......... |
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