GST : "Forcible" Registration and Penalty

A totally shock and surprise attack over non registered GST companies and individuals that suppose to be registered themselves before due date 31 Dec 2014.

Latest News :-
Companies which refuse to register for the Goods and Services Tax (GST) by March 1 will be slapped with a RM15,000 compound and forced to register for the new tax regime, the move was to ensure all qualifying companies register for the GST by Feb 28 to avoid paying the fine.

Being delay to register GST on Mar 1, 2015, the penalty is RM9,000, while delay on Mar 21, the penalty is RM14,000 and the maximum delay would see a total of RM15,000 penalty at the end of 31 Mar 2015.

From what we have known all the while is that, from a generous monthly penalty RM200, and then turn into a RM1500 monthly, and a sudden starting hike of penalty at least RM3000 p/month.

Custom does have all the numbers of companies, that have yet to register would be forced to register starting February 2015, and the penalty rate is keep on going up day by day.

Only 304,444 companies have registered for the GST so far which mean the balance of 195,556 companies and individuals are on the penalty list. First round is 50,000 companies are being identified and would be chased by the custom starting February 2015.

From the other part of the news is that, those registered GST who would choose GST ready cash register machine, need to have a barcode scanner, which mean the product which carries a barcode needs to be captured as sales, instead to simply using a general item code for the product.

This Point of Sales category is on the announcement from the GST site. Click below:-

The compliance is truly a headache for a beginner.

Updated news :-

No legal action will be taken against companies if they were to register for GST by Feb 28, 2015, However, action would be taken against those who failed to do so and a crackdown would be launched against errant traders from Mar 1.


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