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What is GST?
What is GST?
GST
Rate
=6%
Threshold
= RM500,000
What is GST?
INPUT
Rent
Raw
materials
OUTPUT
Goods
Business
Utilities
GST on outputs
GST on inputs
= Input tax
Services
Claimed
input tax
= Output tax
What is GST?
When your output tax is more than
input tax, you are in a
Payable
____________
position.
Output
Tax
Input
Tax
Payable
to Custom
What is GST?
When your input tax is more than
output tax, you are in a
Refundable
____________
position.
Output
Tax
Input
Tax
Refund
from
Custom
Type of Supply
TYPE OF SUPPLY
Taxable
NonTaxable
OUTPUT TAX
INPUT TAX
Standardrated (6%)
6%
Claimable
Zero-rated
0%
Claimable
Exempted
No GST
Charged
Not
Claimable
Out of
Scope
GST
disregard
Not
claimable
GST AT 6%
Manufacturer Wholesaler
Retailer
Consumer
Claim Back
6%
GST AT 0%
Manufacturer Wholesaler
Retailer
Consumer
Claim Back
0%
0%
Exported Goods
& Services
First 300 units
(Domestic Users)
GST AT 6%
Supplier
NO GST
Rail
Buses
Highway toll
Funeral in package
Water transportation
Residential property
Financial services
Out of Scope
Subject to GST
Acquisitions
Special Refund
Entitled to special refund if
Special Refund
Goods not eligible for special refund
Special Refund
Reduce special refund to 20%
(20% method)
Special Refund
20% method
Special Refund
Manner to claim special refund
The value of the goods held on hand on 1/4/2015 for purposes of the special
refund can be ascertained as follows:
a) Specific identification
If the goods held on hand on 1/4/2015 can be attributed to invoice or Customs
Form No. 1, based on specific description, series, no products, brands or other
specific identification, such invoice or Customs Form No.1 shall be used.
Example:
Goods with serial number ABC123 and the related invoices are invoices issued on
3rd February 2014 as the serial number of ABC123 appeared on the invoices. The
value in such invoices can be used for the special refund.
If the goods held on hand on 1/4/2015 can be directly associated with many
invoices due to general product description, value on the latest invoice before the
1/4/2015 shall be used.
If the quantity of goods held on hand exceeds the quantity stated in such
invoice, the value for the remaining number of goods should be based on the
quantity that can be covered in the previous invoices issued in sequence prior to
the final invoice before the 1/4/2015.
Related Invoice
Description
Quantity
Date
Quantity
Price per
unit (RM)
Sandal
3000 unit
800 unit
2.00
0.20
1,500 unit
1.80
0.18
2,500 unit
1.70
0.17
vi)
has
has
The value determined as in sub (v) can only be used when payment to the supplier
been made.
Example:
From the above example, If the latest invoice before 1st April 2015 (1st March 2015)
not been paid by a taxable person, the value for claiming special refund will be (1,500 X RM0.18) + (700 X RM0.17) = RM389
Malaysia GST
Accounting Training
Malaysia GST
Accounting Training
1. Installation
1. Installation
Before installation or upgrades, always backup your existing
database.
Install AutoCount Accounting version 1.8 (32/64bit) or AutoCount
Express 1.8 (32/64bit).
A separate new program folder (Accounting 1.8) and short cut
icon will be created. Your existing folder and shortcut of version
1.3/15/1.6 will remain untouched.
For existing user who upgrades from earlier version (1.3, 1.5 or
1.6), you need to request for new license code that can be
worked on version 1.8. For education purpose, license code is
not needed.
For learning purpose, create a new account book with company
name: AutoCount GST Exercise.
AutoCount Backup Server:
.
1. Installation
Upon saving the newly created account book, the following screen
Add to Scheduled Backup will be prompted, if you do not want to
add this account book into the list of scheduled backup, click Cancel.
In order for the scheduled backup to work, you must install
AutoCount Backup Server. By default, during installation, if you have
chosen Standalone Installation OR Network Installation > Server
Installation, AutoCount Backup Server will be automatically installed.
Should it not been installed, just look for the installer (AutoCount
Backup Server Setup.exe) on the DVD and double click to install it.
1. Installation
Task Name: Assign a name for this scheduled backup task. A Task
ID will be auto generated. Server Backup Directory: The path of
backup destination. E.g. D:\AutoCount Backup\ Backup File Prefix:
Set the prefix for the name of backup file to be generated. E.g. ACSB
Apply password to your Backup File: this is to set password for
the backup file to be generated. This password will be needed when
restoring the backup file.
Backup Start Date/Time: set the date/time for the very first backup
file to commence Repeating: set if you want to repeat the backup
task.
1. Installation
Repeat Type: choose how you would like the backup task to be
repeated: Every Hour, Every Day, Every Week Day or Every Month.
1. Installation
Save: to confirm adding the task of scheduled backup for this account
book.
Cancel: to choose not to add the task of scheduled backup for this
account book. The service will then keep prompting a reminder
message such as: Warning: Database xxx does not exist in Scheduled
Backup until you go ahead and set the task.
Login to the newly created account book: AutoCount GST Exercise
Malaysia GST
Accounting Training
2. Activate GST Malaysia
1. General >
Goods
and Services Tax
Check this if most of your
sales are tax inclusive
4. Set taxable
period (usually 3 or
1 month)
For learning purpose, use current month as GST Start Date, and set
taxable period to 1 (month).
Malaysia GST
Accounting Training
3. Update Company Profile
Malaysia GST
Accounting Training
4. Tax Code Maintenance
Tax Rate
Description
TX
6%
IM
6%
IS
0%
Imports under special scheme with no GST incurred (e.g. Approved Trader
Scheme, ATMS Scheme).
BL
6%
Purchases with GST incurred but not claimable (Disallowance of Input Tax)
(e.g. Medical expenses for staff).
NR
0%
Tax Rate
Description
ZP
0%
EP
0%
OP
0%
TXE43
6%
Tax Rate
Description
TXN43
6%
TX-RE
6%
GP
0%
AJP
6%
Any adjustment made to Input Tax e.g.: Bad Debt Relief & other input tax
adjustment.
Tax Rate
Description
SR
6%
ZRL
0%
Local supply of goods or services which are subject to zero rated supplies.
ZRE
0%
ES43
0%
DS
6%
OS
0%
Out-of-scope supplies
Tax Rate
Description
ES
0%
RS
0%
GS
0%
Disregarded supplies.
AJS
6%
Any adjustment made to Output Tax e.g : Longer period adjustment, Bad
Debt, recover, outstanding invoice > 6 months& other output tax
adjustments.
Click this
Click this
Choose
Yes or No
Click this
Choose
Yes or No
Click this
Choose
Yes or No
Click this
Click Finish
The system has proposed few new GL accounts and if you agree,
will generate them and tie to respective tax codes.
Check to
select.
Uncheck
to ignore.
Click Save
Click Save
3. OK
1. Highlight a tax
code of input tax
2. Check Default
3. OK
Summary style
(recommended)
OK
4.7 How to use Easy Item for stock item setting (setting of default tax
code by items)
Go to Stock > Stock Item Maintenance
Click on
Find Stock Item
4.7 How to use Easy Item for stock item setting (setting of default tax
code by items)
1. key in keyword / define search
criteria for searching purpose
3. Check All
4. Easy Item
2. Click
on
4.7 How to use Easy Item for stock item setting (setting of default tax
code by items)
5. click to
select all
6. Range
Set
8. Save
Malaysia GST
Accounting Training
5. Update Chart of Account
A/C No
A/C Description
FIXED ASSETS
GST-2010
PASSENGER CAR
FIXED ASSETS
GST-2015
ACCUM.DEPRN.PASSENGER CAR
614-0000
CUSTOMS DUTY
EXPENSES
GST-9040
GIFTS
EXPENSES
* GST-9050
EXPENSES
GST-9060
ROUNDING ADJUSTMENT
MAINTENANCE OF PASSENGER CAR
A/C No
A/C Description
SALES
500-0000
SALES
62010
SALES
500-1000
62010
SALES ADJ
510-0000
CASH SALES
RETURN
INWARDS
MSIC Code
62010
Assign MSIC Code to G/L accounts that affect the value of Output Tax. Example of
accounts that need to assign MSIC Code are: Sales, Cash Sale, Return Inwards,
Discount Allowed, Rental Received..
Should there are more than one MSIC code, you need to have multiple accounts for
each type of Sales, Case Sales, other incomes and assign each of them with related
MSIC code respectively.
A/C No
A/C Description
F. Assets
200-2000
TX-S
F. Assets
GST-2010
Passenger Car
BL
Sales
500-0000
Sales
SR-S
Sales
500-0000
Cash Sales
SR-S
Expenses
901-0000
Advertisement
TX-S
Expenses
907-0000
TX-S
Expenses
GST-9040
Gift
TX-S
Expenses
GST-9060
BL
Expenses
BL
Expenses
BL
Malaysia GST
Accounting Training
6. Transaction - Purchase
Effects on
Ledger
(double
entry)
Effects on Ledger
(double entry)
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Effects on Ledger
(double entry)
Malaysia GST
Accounting Training
7. Transaction - Sales
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Malaysia GST
Accounting Training
8. Transaction G/L
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Effects on
Ledger (double
entry)
Malaysia GST
Accounting Training
9. GST Processor
Electronic filing is
encouraged
GAF
Format
1. Click New
2. Click Next
3. Click Next
4. Click Next
5. Click Next
6. Click Next
7. Click Next
8. Click Next
GST-03
1. Click on Generate
GST Return File
2. Define a destination to
save the file to be
generated then Save.
3. Click on Yes if
you want to view
the file
1. Click on
Generate GAF
3. Click on Yes if
you want to view
the file
4. This
is the
content
and
format
of GAF
1. Preview
2. Tax Summary
All in one
Click on Save
to save the
processor
without
submitting.
3. Click OK
4. The status
changed to
Submitted
Malaysia GST
Accounting Training
10. Bad Debt Relief
Malaysia GST
Accounting Training
11. Gift Rule
Malaysia GST
Accounting Training
12. Imported Goods
10 Jan 2015: Invoice (No. 1234) received from 400-S003 Supplier Overseas Goods, to
purchase (import) 10 units of item 00001 at RM600 each.
15 Jan 2015: Charges by RMCD: Customs duty (10% x 6000) = RM 600
GST (6% x 6000) = RM 360 and (6% x 600) = RM 36
Malaysia GST
Accounting Training
13. Imported Services
11 Jan 2015: Invoice (No. 2222) received from 400-S004 Supplier Overseas Services,
to purchase (import) 1 unit of item 00003 at RM2000.
12 Jan 2015: Full payment made to 400-S004 via bank transfer.
Malaysia GST
Accounting Training
14.2 Run GST Processor for taxable period of January 2014 (run at the
end of February 2015)
14.2 Run GST Processor for taxable period of January 2014 (run at the
end of February 2015)
14.2 Run GST Processor for taxable period of January 2014 (run at the
end of February 2015)
14.2 Run GST Processor for taxable period of January 2014 (run at the
end of February 2015)
14.2 Run GST Processor for taxable period of January 2014 (run at the
end of February 2015)
14.2 Run GST Processor for taxable period of January 2014 (run at the
end of February 2015)
14.2 Run GST Processor for taxable period of January 2014 (run at the
end of February 2015)
Malaysia GST
Accounting Training
15.3 Create new AR Invoice Entry and Knock off (in the taxable period
of March 2015)
15.3 Create new AR Invoice Entry and Knock off (in the taxable period
of March 2015)