Total revenue collected from gst will be known by Aug or Sept, says Customs DG

KOTA KINABALU: Revenue collected from the Goods and Services Tax (GST) which was implemented on April 1, this year, would be known by August or September said Customs director-general Datuk Seri Khazali Ahmad.

The deadline for companies earning an annual income of more than RM5 million to submit their GST returns is the last day of the following month, he said.

This meant companies must file their GST returns for the month of April by May 31, and the Customs would only know the exact amount collected on June 1.

"Currently traders are submitting their GST statements to the Customs and happy with the compliance rate of more than 80%. This is on par with the rate achieved by developed nations," he told reporters after breaking fast with the Sabah Yang Dipertua Tun Juhar Mahiruddin and his wife Toh Puan Norlidah R.M Jasni, here last night.

Also present was Sabah Customs director Datuk Dr Janathan Kandok.

For about 300,000 businesses earning an annual income of less than RM5 million, they would start submitting their GST returns after a period of three months, in this case, starting July 1.

For example, traders would submit their GST returns to Customs for April, May and June on July 31, 2015 and Customs will only know how much revenue is collected on Aug 1.

The government implemented GST effective April 1, 2015 at a fixed rate of 6% to replace the previous sales and service tax. – Bernama