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Disregarded Supply
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Disregarded Supply
Under certain circumstances a supply of goods or services with consideration may be deemed as not a supply and no GST is chargeable. These supply are called disregarded supply.
The following are disregarded supply:-
1. Supply between members of the same group registration
2. Supply under the warehousing scheme
3. Supply between venture operators and venturers
4. Supply by a toll manufacturer for it's overseas principal.
The following are disregarded supply:-
1. Supply between members of the same group registration
2. Supply under the warehousing scheme
3. Supply between venture operators and venturers
4. Supply by a toll manufacturer for it's overseas principal.
Re: Disregarded Supply
Hi All,
If a company who is branch for another company (under same company number) has been registered for GST separately under "GST branch registration", the supply from main company subject to GST?
Can this supply called disregarded supply (apply for 1. Supply between members of the same group registration)?
Thank you.
If a company who is branch for another company (under same company number) has been registered for GST separately under "GST branch registration", the supply from main company subject to GST?
Can this supply called disregarded supply (apply for 1. Supply between members of the same group registration)?
Thank you.
yvonce- Posts : 4
Join date : 2015-03-10
Re: Disregarded Supply
Supply within the same company from one HQ/branch to another branch/HQ, whether there is a branch registration or not, is not subject to GST. This inter-branch transfer of goods or services is neither a supply of goods nor services.
The HQ and the branches are, but one same taxable person. Branch registration is to facilitate the submission of GST returns only.
Supply from one company to another company within a group is subject to GST. This supply will be disregarded if there is a group registration for these 2 companies.
The HQ and the branches are, but one same taxable person. Branch registration is to facilitate the submission of GST returns only.
Supply from one company to another company within a group is subject to GST. This supply will be disregarded if there is a group registration for these 2 companies.
joseph- Posts : 277
Join date : 2014-09-25
Re: Disregarded Supply
Hi,
Pertaining to inter-branch transfer of goods, can i create another new tax code with 0% to cater for this transaction in accounting system as i will receive tax invoice from main office and pay accordingly.
Thank you.
Pertaining to inter-branch transfer of goods, can i create another new tax code with 0% to cater for this transaction in accounting system as i will receive tax invoice from main office and pay accordingly.
Thank you.
yvonce- Posts : 4
Join date : 2015-03-10
Re: Disregarded Supply
If inter-branch transactions are recorded in your accounting system, better use a separate tax code. And, if possible, such transactions should be excluded in your GST Audit File (GAF file).
joseph- Posts : 277
Join date : 2014-09-25
Similar topics
» What is Supply of Goods and What is Supply of Services?
» Deemed Supply
» Out of Scope Supply
» What is Taxable Supply?
» Place of Supply
» Deemed Supply
» Out of Scope Supply
» What is Taxable Supply?
» Place of Supply
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