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Many SMEs Do Not Understand GST's Registration Mode

PUTRAJAYA, July 14 (Bernama) -- Many small and medium enterprises (SMEs) still do not understand the Goods and Services Tax (GST) and mode of registration, said Deputy Finance Minister Datuk Chua Tee Yong.

"They do not understand the information required in the registration forms.

For example, the industry code is one of the issues they face during the registration process," he told reporters after meeting 10 representatives of SME associations from the motoring sector here Monday.

Since registration for the GST opened on June 1, only 4,000 companies had registered their businesses under the MyGST system, a far cry from the Customs Department's target of 100,000 by year-end, he said.

Chua urged the Customs Department, through its 53 offices nationwide, to furnish information on the GST to businesses, starting with committee members of SME associations and assist them in the registration exercise.

He hoped that there would be a grace period to educate businesses on errors made instead of issuing them with summonses right away with the implementation of the GST on April 1 next year.

The Finance Ministry will consider a request made by small businesses for the GST software grant to be increased from RM1,000 to RM3,000 to enable them to organise training, especially on software accounting, he said.

-- BERNAMA




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