Malaysian GST will effective on 1st April 2015 in the 2014 budget. Upon implementation for GST, Sales Tax Act 1975 will be repealed (saving provisions excepted). The registration for GST is within 6 months period start from October 2014.
The last date of Mandatory Registration is 31st December 2014 for business which exceeded the prescribed threshold. (Section 184(2) of GST Bill 2014). The prescribed threshold is RM500,000 of the taxable turnover over 12 months' period.
Taxable turnover for the the period of 12 months ca be determined into 2 categories as per following:
a. Historical Method- Value of taxable supply in any month + value of taxable supply of 11 month.
b. Future Method - Value of taxable supply in any month + value of taxable supply.
