The Malaysian GST Mechanism happens to segregate the size of business through one of the regulations. This is not to forget that they have already differentiated between un-registered businesses and the registered through the 500000 turnover a year rule. This time would be about when do the registered businesses submits their tax returns. This process or activity would be called Taxable Period.
Taxable Period refers to a regular interval period where a taxable person accounts and pays GST. A taxable person will be allocated monthly or quarterly periods according to the annual business turnover on registration. If one’s businesses annual turnover does not exceed RM 5 million, then the taxable period for this business would be quarterly. However, if its annual turnover exceeds RM 5 million, then the taxable period would be monthly.
The table below would depict a quarterly taxable period.
That is quarterly taxable period example. The next one would be for monthly taxable period:
These are the rules set by the Royal Custom Malaysia. However if you wish to have a different taxable period, the respective taxable person may request through writing to the DG (Director General). The registered person may also apply to vary the length of any taxable period or the date on which any taxable period begins or ends.