A Personal Finance Blog for Malaysian: GST - Confusing Tax Code for Accounts Department?

Thursday, July 17, 2014

GST - Confusing Tax Code for Accounts Department?

Now, I am using MYOB Accounting Software with GST ready, it comes with 27 GST Tax Codes by default.

If you have attended any seminar, or talk or discussion, the simple understanding is

Output TAX minus Input TAX = Amount of Tax to be paid to Customs.
For any business required to file GST-3 return (monthly or quarterly depends on total turnover), it is not as simple as OT and IT but the GST-3 requires details input of these 27 tax codes.

Those didn't get proper consultation are highly like making some mistakes here and there but hopefully Customs Department will not penalise businesses for clerical mistakes. Give them time to learn.

The GST Tax Codes are:

  1. Adjustment to Input Tax
  2. Adjustment to Output Tax
  3. Purchases (GST not claimable)
  4. Deemed Supplies
  5. Incidental exempt Supp (TX-E43)
  6. Purchases exempted from GST
  7. Exempt Supplies under GST
  8. Incidental exempt supplies (ES43)
  9. Non-inc exempt supplies (ESN43)
  10. Disregarded Purchases
  11. Disregarded Supplies under GST
  12. GST for Import of goods
  13. GST for Import of goods at 0%
  14. Import under special scheme
  15. Import under special scheme at 6%
  16. Non-inc exempt supplies (TX-N43)
  17. Non GST-registered supplier
  18. Purchases (Out-of-scope)
  19. Supplies (Out-of-scope)
  20. Taxable or exempt supplies
  21. Relief Supplies under GST
  22. Standard-rated supplies (GST 6%)
  23. Purchases with GST at 6%
  24. Purchases with no GST incurred
  25. Export zero rated supplies
  26. Zero rated supplies
Looking at this list, can business owners afford not to concern about GST? 

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