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GST Accounting for Standard Rated Supplies
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GST Accounting for Standard Rated Supplies
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)
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)
Re: GST Accounting for Standard Rated Supplies
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.
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
Re: GST Accounting for Standard Rated Supplies
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.
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- Posts : 277
Join date : 2014-09-25
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