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GST-03 Return & Tax Codes

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GST-03 Return & Tax Codes

Post by joseph on Sat Feb 14, 2015 10:49 pm


_________________


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-03 Return & Tax Codes

Post by bkng on Wed Mar 04, 2015 12:40 pm

Hi,

Hi, What is tax code to be used for the following.

1. Tax invoice issued to Designated Area? e.g Labuan
2. Tax invoice issued to Government Body?
3. Credit Note (Goods Returned) for invoice dated before 01/04/2015?

Many Thanks

bkng

Posts : 7
Join date : 2015-02-11

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Re: GST-03 Return & Tax Codes

Post by joseph on Wed Mar 04, 2015 11:39 pm

1. Tax invoice issued to Designated Area? e.g Labuan
Per Customs' Guide on Designated Area, sale of goods from PCA to DA is zero-rated -> Tax code: ZRL.
Supply of services is a local supply and is subject to GST. Tax code: SR or ES (for exempt supply).


2. Tax invoice issued to Government Body?
Per Customs' Guide on Government, Local Authority & Statutory Body all acquisitions or purchases made by the government will be given relief from the payment of GST -> Tax code: RS.
However, no relief from the payment of GST is given for the acquisition of services by the government -> Tax code: SR or ES (for exempt supply).


3. Credit Note (Goods Returned) for invoice dated before 01/04/2015?
Goods returned after 01/04/15 which were sold/purchased before 01/04/15 should not be subject to GST. Use OS for returns received from your customers and OP for returns made to your suppliers.

_________________


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-03 Return & Tax Codes

Post by bkng on Fri Mar 06, 2015 4:46 pm

Hi Joseph,

Thank you very much for the reply.

According to Relief order act 2014 on government supply, a certificate need to be issued and signed by HOD of government department or senior customs officer to indicate government purchased.

Is that means for every government purchased, a certificate will be given to supplier together with their orders so that the supplier can issued tax invoice for goods with tax code "RS" which is zero rated.

Thank you.



As a supplier, how do we

bkng

Posts : 7
Join date : 2015-02-11

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Re: GST-03 Return & Tax Codes

Post by joseph on Fri Mar 06, 2015 5:27 pm

Not sure, but I believe you only need to obtain the certificate once.


_________________


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-03 Return & Tax Codes

Post by bkng on Sat Mar 07, 2015 10:23 am

It's seem until now, no body knows clearly on government supply procedure inclusive of government themselves... and now only 24 days to go!

bkng

Posts : 7
Join date : 2015-02-11

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Re: GST-03 Return & Tax Codes

Post by emhan on Mon Apr 06, 2015 2:51 pm

Hi

Just wish to check for Credit Note on sales (discount), tax code is AJS or SR?

Same goes to CN on purchases.

Thank you.

emhan

Posts : 20
Join date : 2015-02-24

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Re: GST-03 Return & Tax Codes

Post by joseph on Mon Apr 06, 2015 5:52 pm

For DN/CN, use the original tax codes, not AJS/AJP.

E.g. if your sales tax code is SR use back SR for DN/CN and if your purchases tax code is TX use back TX.

_________________


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-03 Return & Tax Codes

Post by CVTAN on Fri Apr 17, 2015 10:11 pm

Hi Joseph,

Kindly advice what is the tax code and accounting treatment for imported good under warehousing scheme which advance payment has been made to oversea supplier and subsequently partially declare for sales to a local customer

Thank you

CVTAN

Posts : 1
Join date : 2015-04-17

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Re: GST-03 Return & Tax Codes

Post by joseph on Sat Apr 18, 2015 12:46 pm

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: http://malaysiagst.forumms.net/t107-discontinuing-my-support

_________________


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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