SMEs Accepted GST But Still On Learning Curve , KL Indian Chamber

KUALA LUMPUR, March 10 (Bernama) -- The Goods and Services Tax (GST) which has been in force since April 1, 2015, has been well accepted and adopted by local small and medium enterprises (SMEs). The President of the Kuala Lumpur & Selangor Indian Chamber of Commerce & Industry (KLSICCI) Dr V Shanmughanathan, however, said not all businesses understand the entire process. "But, they do know that once their turnover hits the US$112,220 (RM500,000) threshold, they must register with the Royal Customs Department. "They (businesses) are still going through the learning curve (on GST), but generally, they are not complaining," Shanmughanathan told a press conference held in conjunction with the forthcoming "Forum on Malaysia'Economic Outlook 2017". He said the chamber would be organising a half-day forum on March 15, targetted at small and medium enterprises (SMEs) to ensure they understand the current economic scenario, domestically and globally. "For the SMEs to sustain and move forward in their businesses, they need to recognise the challenges they are experiencing. They can actually turn it to their advantage and reap profits. "Some (entrepreneurs) do not realise the real challenges ahead of them, so it is important for them to learn and find out how to overcome the situation," said Shanmughanathan. Meanwhile, Deputy President VKK Rajasekaran said the forum would feature three speakers, namely Monash University Vice-President (Research & Development) Professor Mahendhiran, Maybank Investment Bank Bhd Head of Dealing Clement Almaide and President National SME Association Michael Kang Hua Keong. "Apart from speaking about the past and current economic position, SMEs will be exposed on how to deal with currency fluctuations, opportunities in ASEAN and how to boost the market development of Malaysian SMEs for the next two years," said Shanmughanathan. -- BERNAMA