One month of GST, some reminders for companies!

By tomorrow, it will be 30 days of the implementation of GST in Malaysia. We've seen a lot of discussions and outcries, from the general increase in prices, GST equipment not working properly, the prepaid phone credit outcry and the ongoing service charge saga. Whatever the case, regardless of the respective resolutions and ignoring the political impact, the GST story rumbles on and procedures need to be followed.

As most of you know, the deadline for GST return submission for companies whose annual taxable supplies is RM5 million or more is one month after the taxable period. Does your company fall into this category?

I'm sure most companies would have projected and determined that before 2015 even started. So if your company falls in this bracket, then your deadline is 31 May 2015 for your April GST return. That seems like a fair way away, but we advise you to prepare your documents early. The government may claim to be a bit lenient in the early stages but why take the chance? Get it right first time and eliminate all avoidable errors. Don't miss out on claiming all your qualifying GST input taxes!

The other benefit of preparing your GST return early is that you'll be able to have a better idea of the impact of the GST return on your cash flow. This should not be underestimated to avoid causing a strain on your company's operations. Preparing early will ensure you have enough cash to meet your obligations without incurring unnecessary finance charges.

Don't forget, your company can apply for payment by installments if you feel the lump sum payment will be a burden. Subject to the Director General's discretion of course, so argue your case convincingly.

One more reminder: Even if you find your company is not in a tax payable position, you still need to furnish your return.

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