GST Registrations Rise To 173,420 As Of Nov 29

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KUALA LUMPUR, Nov 30 – The number of companies registered for the Goods and Services Tax (GST) stood at 173,420 as of Nov 29, an increase of 733 from the previous day, said the Royal Malaysian Customs Department. The number of GST-registered companies has now surpassed the government’s year-end target of 140,000.

Businesses with an annual sales turnover of less than RM500,000 are urged to register for the GST, in the event it exceeds RM500,000 in the future. They are to register by Dec 31, 2014 with the new tax system to be implemented on April 1, 2015.

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