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GST Accounting for Standard Rated Supplies

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GST Accounting for Standard Rated Supplies

Post by Admin on Sun Dec 14, 2014 1:39 pm

GST Accounting for Standard Rated Supplies

Sale of Standard Rated Supplies with GST
Dr Accounts Receivable/Bank (BS) 106
Cr Sales – Standard Rated (PL) (100)
Cr GST Payable (BS) (6)

When filing GST returns and paying GST
Dr GST Payable (BS) 6
Cr Bank (BS) (6)


Posts : 47
Join date : 2014-07-30


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Re: GST Accounting for Standard Rated Supplies

Post by emhan on Tue Feb 24, 2015 11:45 am

Hi All

May I know how to book in when the company is using Head office foreign exchange rate but the Custom Malaysia requires us to use Local Bank foreign exchange rate? Does it mean that we have to create own foreign exchange adjustment account (GST) for this purpose each time we have transactions with overseas related companies?

Thank you.


Posts : 20
Join date : 2015-02-24

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Re: GST Accounting for Standard Rated Supplies

Post by joseph on Tue Feb 24, 2015 12:37 pm

Please refer Item 6 of Customs' Panel Decision 1/2014:

If a GST registered person wants to use an exchange rate other than the rates as stated in item 6, he must apply in writing to the Director General for his approval.


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.


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