BI MONTHLY TAXABLE PERIOD
What is this new BI MONTHLY TAXABLE PERIOD for? As I know this is not applicable to retail companies, but what are the rules & regulations to apply?
Please be informed that registrants may now request to the Director General for a two months taxable period (Bi-Monthly) subject to the following conditions:
- Applicable only for registrants with a monthly taxable period
- Registrants under cash basis industries such as retailing are not allowed to apply
- All applications will be subject to Director General’s condition and approval
All applications MUST BE be made via TAXPAYER ACCESS POINT (TAP). For a guide to Bi-Monthly application via TAP
This is a very good move by the Customs for those who usually or always has to pay output tax every month. It will sure help in the company cash flow. Bi-monthly taxable means the approved GST registered company may submit and pay GST every two months instead of monthly. You have already stated the rules and regulations for applying bi-monthly taxable period.