Discontinuing my support

This is my last posting. Regrettably, I will stop supporting this forum with immediate effect.

I have prepared a list of 63 common GST accounting entries, complete with examples, tax codes and where applicable references to the GST Act, Regulations, Orders, DG's Panel Decisions and/or GST Guides.

I have also prepared a list of common supplies and purchases/acquisitions and their corresponding recommended tax codes.

For mixed suppliers, I have created a CGA computation worksheet.

All the 3 files are in Excel format.

I have invested much time and effort on this GST project, attended many training and seminars, made numerous phone calls and met up with senior Customs officials and obtained feedback from prominent GST Tax Consultants to prepare the files.

While I do not guarantee that they are in complete compliance with Customs requirements, I am confident they are reasonably well prepared and in accordance with the laws.

If you are interest to have them, I am charging RM500 for the 3 files.

If you purchase the files, I will continue to support you via e-mails, for a period of 3 months.

Please e-mail me at josephteh@hotmail.com if you are interested.

Thank you all for your participation in this forum.

Signing off for the last time.

Best regards
Joseph Teh
 
List of common GST accounting entries:

1. Recording Sales Transactions (Standard-Rated Supply)
   
2. Tax Invoice Issued Late (after 21 days from Basic Tax Point)
   
3. Advance Payment received from Customer (without issuing customer Tax Invoice)
   
4. Bad Debt Relief & Recovery (1)
   
5. Bad Debt Relief & Recovery (2)
   
6. Local Zero-Rated Supplies
   
7. Export Zero-Rated Supplies (Customs K2 Form required)
   
8. Incidental Exempt Supply (Financial Services)
   
9. (Non-Incidental) Exempt Supply
   
10. Sale of goods or services where invoice issued or payment received before effective date, but delivery only after effective date (Transitional Issue)
    
11. Disposal of Capital Goods
    
12. Disposal of Manufacturing Waste
    
13. Unexplained Stock Quantity Loss
    
14. Non-business or Private Use of Business Assets
    
15. Reimbursement of Expenses
    
16. Disbursement of Expenses
    
17. Recording Purchase Transactions  (Standard-Rated Purchase)
    
18. Online Purchase of Stocks from Overseas
    
19. Supplier Invoices Remaining Unpaid for > 6 Months
    
20. Purchase of Capital Goods (Fixed Assets) - Input Tax Not Blocked
    
21. Purchase of Capital Goods (Fixed Assets) - Input Tax Blocked
    
22. Company Cars
    
23. Advance Payment to Supplier (no Tax Invoice)
    
24. Refundable Deposit (not for contra against payments)
    
25. Retention Sum
    
26. Out-of-Scope Supply
    
27. Consideration Paid for neither A Supply of Goods nor Supply of Services
    
28. Independent Director Who Is Not An Employee
    
29. Gifts of Goods (Gift Rule)
    
30. Gifts of Services
    
31. Purchases from Non GST-Registered Suppliers
    
32. Purchase/Acquisition of Exempt Items
    
33. Loan Received & Interest Payable (Exempt Supply)
    
34. Purchases of Zero-rated Items
    
35. Staff Claims
    
36. Imported Goods
    
37. Imported Services
    
38. Rental Income from Commercial Properties
    
39. Rights Granted for Life (or for a period ≥ 30 years) by Club or Other Similar Body
    
40. Rights Granted for a period < 30 years by Club or Other Similar Body
    
41. Hire Purchase Transactions
    
42. Residual Input Tax Claim (for mixed supplier)
    
43. Capital Goods Adjustments (CGA) (for mixed supplier)
    
44. Transactions between GST-Registered Group Companies
    
45. Monetary Vouchers
    
46. Non-Monetary Vouchers
    
47. Sale of Monetary Vouchers by Third Parties on Commission Basis
    
48. Sale of Non-Monetary Vouchers by Third Parties on Commission Basis
    
49. Unredeemed Unexpired Non-Monetary Vouchers @ 01/04/15 (Transitional Issue)
    
50. Loyalty Points (for Program Operator)
    
51. Loyalty Points (for Program Operator & Redemption Partner, both same person)
    
52. Expiry of Unredeemed Loyalty Points (for Program Operator)
    
53. Loyalty Points (for Merchants - Program Partner & Redemption Partner)
    
54. Vending Machine Sales
    
55. Consignment Sales (for Consignor)
    
56. Sales of Goods by Agents (for Principal)
    
57. Sales of Prepaid Reload Phone Cards by MOL's Merchant
    
58. Sales of Prepaid Reload Phone Cards by MOL
    
59. Payment of GST
    
60. Special Sales Tax Refund for Goods Held On Hand
    
61. Imported Goods under Approved Trader Scheme (ATS)
    
62. Staff Usage over Limits
    
63. Fines & Penalties

Example:

A few wrote to me to say my charges of RM500 too expensive.

For a limited time only, RM300 for the 3 Excel files + 3 months e-mail support in answering your queries.

Wow.. the GST Accounting Entries and Tax Code Mapping files are so comprehensive. Better than any of the seminars I have attended. Worth the money! Thanks Joseph for making available the files.

Added one more GST Accounting Entry:

64. For non GST-registered Companies using GST-compliant Accounting Software

The RM300 GST Package is for your specific business purpose only. Not for use to help your clients.

Any GST queries should strictly refers specifically to your business and the industry your business is in.

If you are a GST Tax Consultant, the package is not meant for you.

I will continue to support general queries on this forum during my spare time.

If you want to know about how to record GST transactions and/or what tax codes to use, please sign up for the RM300 package.

We would like to engage you as a GST Consultant for our company. Would you be interested?

No, thanks. Appreciate your offer. I have a full time job.