GST Follow Up Statistics

www.kopihangtuah.blogspot.com

Sliced and diced the statistics, we have the following outcome for Goods and Services Tax (GST) registration:

TOP 4 STATES
WPKL - 20.4%
Selangor - 18.62%
Johor - 12.94%
Penang - 7.12%
Quite puzzling to see Penang to record low registrations given its busy business activities.

SME IS THE BIGGEST CATEGORY
SME - 94.07%
SME - 382,082 companies
It makes sense for SMEs to be the largest lot given their significance in driving the economy.

NON MANUFACTURING REGISTRANTS
Micro Non Manufacturing (Revenue Small Non Manufacturing - 72.09%
Medium Non Manufacturing - 17.50%
Quite surprising to see commendable voluntary registrations.

MANUFACTURING REGISTRANTS
Micro Manufacturing (Revenue Small Non Manufacturing - 34.28%
Medium Non Manufacturing - 27.42%
Also, quite surprising to see commendable voluntary registrations.

TYPES OF ENTITIES
Companies 225,000 entities - 55.59%
Sole Proprietor 106,000 entities - 26.13%
Partnership 57,000 entities - 14.19%
Professionals 6,800 entities - 1.68%
Companies are expected to reach revenues of RM500,000 threshold faster than the other types of entities.

TOP SECTORS
Wholesale and Retail - 142,000 entities - 35.20%
Construction - 72,000 entities - 17.91%
Manufacturing - 50,000 entities
Professionals - 25,000 entities
Fast Moving Consumer Goods is the epitome of what transactions are all about when discussing consumption tax such as GST.

GST TAX AGENTS
WPKL - 557 - 31%
Selangor - 450 - 25%
Penang - 207
Johor - 178
Agents dispersed in accordance with level of economic activities of the states.

INCREASING NON FILING
Apr-Jun 2015 - 7,954 entities
Oct-Dec 2015 - 30,611 entities
Perhaps the frustration of refund mechanism or lack of authorities' actions against non registrants have resulted in the lost in interest?

GST REFUND
Apr-Jun 2015 - approx 17,000 refunds
Oct-Dec 2015 - approx 50,000 refunds
Royal Customs have increase its efficiency.

COLLECTION OF GST
Collected RM27 Billion which is higher than target of RM23 Billion.
2016 targeted to achieve RM39 Billion, a 44% jump!
A very high target for 2016. Achieveable?

PENALTIES
First 30 days delay - 5%
Second 30 days delay - 10%
Third 30 days delay - 10%
Penalties applied on "Payable" amount based on the return rather than the "Unpaid Net of Paid Amount".

TIME BAR FOR INPUT TAX CLAIM
6 years from registration date
Only if stocks have not yet been supplied or consumed or incorporated into manufacturing process.

Go GST!!

* kopihangtuah

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