If you are registered for GST, then you are required to submit your GST return form (GST-O3) to Customs no later than the last day of the following month after the taxable period.
The penalties for late payment and submission of the GST return have not been announced or made known to the public. However, based on previous versions of the law, we anticipate that the penalty would be based on certain amount of percentage (e.g. 5%) of the outstanding amount due. The percentage value will be determined according to how late the payment and submission are.
Current guidelines state that it is an offence if a registered person fails to pay tax due and payable within the stipulated period, and shall on conviction, be liable to a fine not exceeding RM50,000 or to imprisonment for a term not exceeding three (3) years or to both.