GST affects all of us. Please contribute to this thread any information or questions you might have.
1) GST will be collected by the Royal Malaysian Customs and not by IRB, effective 1 April 2015.
2) All businesses with taxable purchases (not sales) exceeding RM500,000 per annum will have to register with the Customs Dept by 31/12/2014.
You can go to the Customs website to register online or download the form, fill it up and send by mail.
3) From the form which I have downloaded I notice there are four categories of goods i.e. Standard rated supply, Export supplies, Local zero-rated supplies and Exempt supplies. Those in business will have to find out which category your goods/products fall into. What are local zero-rated supplies? What items are exempted?
4) There are vendors selling GST compliant accounting software. Businesses definitely need some kind of new or updated accounting software.