PETALING JAYA: Businesses which are required to register for the Goods and Services Tax (GST) by the year-end but failed to do so could face fines of up to RM20,000, warns the Customs Department.
Customs senior assistant director Chin Jek Bin said Late Registration Penalties would be imposed on businesses which did not register by Dec 31.
“The penalty will be RM1,500 for the first 30 days to a maximum of RM20,000,” said Chin, after a GST awareness programme at the Customs Complex here.
She said it was mandatory for businesses, which had a turnover of more than RM500,000, to register while those below the threshold could voluntarily apply to register.
Chin said registration had opened on June 1 and there was ample time for businesses to register either online, by post or by coming to the Customs Department.
“We hope businesses do not wait until the eleventh hour to apply,” she said.
Chin also cautioned businesses from jumping the gun and imposing GST before April 1, 2015.
She said the department had received and investigated complaints from consumers.