How to activate Malaysian GST?
If you are running a GST registered business in Malaysia, then you will find this article useful, it will guide you to activate the pre-configured Malaysian GST on Financio in just a few steps.
- Click on Control Panel at the bottom of the left side bar.
- Click on Taxes.
- Click the + button on the bottom right.
- Click on Type and select GST.
- Select the Start Date, when your business becomes tax registered and start collecting tax from your customers.
Update the Filing Frequency (where applicable).
The tax filing period is determined by the custom when you register your business as a taxable person. By default business owners have to submit tax filing once for each 3 months. If the turnover is above 5 million, the business owners are required to do tax filing once a month. The category of a filing frequency depends on the amount of annual turnover as chart below shown:
RM 5 million and above
Less than RM5 million
- Click Save and you have already activated Malaysian GST on Financio.
Do note that the quarterly or monthly tax filing record will be automatically generated by the system as soon as you start creating transactions during a tax period.