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GST Accounting for deemed supply

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GST Accounting for deemed supply

Post by honeystar34 on Thu May 07, 2015 9:58 pm

Gift for customer > RM500
Example : total gift value RM600 including GST

Double entry :
DR Gift RM600
DR input tax RM 33.96
CR output tax. RM 33.96
CR Cash. RM 600

Anyone can advice whether the above entry is correct?

honeystar34

Posts : 8
Join date : 2015-04-23

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Re: GST Accounting for deemed supply

Post by joseph on Fri May 08, 2015 9:57 am

To record the double entries you suggested and capturing the tax codes at the same time would almost be impossible through any accounting software. You would need clearing account.

Yes, ultimately the accounting entries will look like that upon elimination of clearing account.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: GST Accounting for deemed supply

Post by honeystar34 on Fri May 08, 2015 11:37 am

thx for your advise Joseph =)

honeystar34

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CASH MONETARY REWARD

Post by Jullia on Tue May 19, 2015 6:09 pm

How about cash Monetary rewards for staff, let say more than RM500 is it must accounted Output tax?

Jullia

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Re: GST Accounting for deemed supply

Post by joseph on Tue May 19, 2015 9:34 pm

No, money is neither a supply of goods nor a supply of services.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

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Re: GST Accounting for deemed supply

Post by Jullia on Wed May 20, 2015 9:31 am

tq

Jullia

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Re: GST Accounting for deemed supply

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