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GST Accounting for Standard Rated Supplies EmptyFri Jul 03, 2015 9:34 am by joseph

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GST Accounting for Standard Rated Supplies EmptyFri Jun 26, 2015 7:44 pm by Poon1

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GST Accounting for Standard Rated Supplies

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Malaysia GST Forum :: Specific Topics :: Accounting for GST

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GST Accounting for Standard Rated Supplies Empty GST Accounting for Standard Rated Supplies

Post by Admin 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)

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GST Accounting for Standard Rated Supplies Empty Re: GST Accounting for Standard Rated Supplies

Post by emhan 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.

emhan

Posts : 20
Join date : 2015-02-24

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GST Accounting for Standard Rated Supplies Empty Re: GST Accounting for Standard Rated Supplies

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

Please refer Item 6 of Customs' Panel Decision 1/2014:
http://gst.customs.gov.my/en/rg/SiteAssets/FAI/PANEL%20DECISION%2001%202014%20amended%2019122014.pdf

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.

joseph

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