GST-03 Item 12 (ES + ES43) : How to compare the Total Value of Exempt Supplies between GST-03 and Ledger: Difference between revisions
From eStream Software
| (8 intermediate revisions by the same user not shown) | |||
| Line 67: | Line 67: | ||
<br /> | <br /> | ||
''' | '''NOTE:''' | ||
Trans Type = _X, it means the posting entry related to '''Realized Gain or Loss in Foreign Exchange'''. | |||
==Cross Check Reports== | ==Cross Check Reports== | ||
| Line 83: | Line 83: | ||
! Tax Code !! Local Amount !! Explanation | ! Tax Code !! Local Amount !! Explanation | ||
|- | |- | ||
| ES43 || 5,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : '''ES43''' | | ES43 || style="text-align:right;"| 5,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : '''ES43''' | ||
|- | |- | ||
| ES43 || Gain=7,886.40 || Net realized forex gain calculated | | ES43 || style="text-align:right;"| Gain=7,886.40 || Net realized forex gain calculated | ||
|- | |- | ||
| ES || 50,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : '''ES''' | | ES || style="text-align:right;"| 50,000.00 || Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : '''ES''' | ||
|- | |- | ||
| '''Total''' || '''62,886.40''' || Total value shown in '''GST-03 Item 12''' | | '''Total''' || style="text-align:right;"| '''62,886.40''' || Total value shown in '''GST-03 Item 12''' | ||
|} | |} | ||
<br /> | <br /> | ||
| Line 149: | Line 149: | ||
<br /> | <br /> | ||
'''NOTE''' | '''NOTE: ''' | ||
RMCD has confirmed that '''Net Realised Gain in Forex ONLY''' need to add into '''GST-03 item 12 Total Value of Exempt Supplies'''. | RMCD has confirmed that '''Net Realised Gain in Forex ONLY''' need to add into '''GST-03 item 12 Total Value of Exempt Supplies'''. | ||
Tax code = '''ES43''' | Tax code = '''ES43''' | ||
<br /> | <br /> | ||
Latest revision as of 02:38, 5 February 2016
How to compare the Total Value of Exempt Supplies between GST-03 and Ledger?
Introduction
- This guide will help you to check the data entry source posted for Item 12 Total Value of Exempt Supplies in GST-03.
- 1. GST Tax Code
Tax Code Tax Description Tax Rate Explanation and examples ES43 Incidental Exempt Supplies 0% This refers to Exempt Supplies made under Incidental Exempt Supplies. Incidental Exempt Financial Services Supplies (IEFS) include:-
- interest income from deposits placed with a financial institution in Malaysia
- realized foreign exchange gains or losses
ES Exempt Supplies under GST 0% This refers to supplies which are EXEMPTED UNDER GST.
These supply includes:-
- Selling of Residential Properties to consumer
- Selling of tickets for Public Transportation (Taxis, Stage Buses, Ferries)
- Financial Institution’s interest charges to customers for loan.
- 2. GST-03
Item No. Description Guidelines 12 Total Value of Exempt Supplies ES43 + ES (Taxable Amount)
Note: Net Loss in Forex (ES43)= 0.00
Example of Data Entry
- 1. ES43 - Interest income from deposits placed with a financial institution in Malaysia
- Screenshot below from Journal Entry.
- 2. ES43 - Realized foreign exchange gains or losses
- a. Realized Gain in Foreign Exchange
- Screenshot below from Customer Payment.
- a. Realized Gain in Foreign Exchange
- b. Realized Loss in Foreign Exchange
- Screenshot below from Customer Payment.
- b. Realized Loss in Foreign Exchange
- 3. ES - Financial Institution’s interest charges to customers for loan
- Screenshot below from Customer Invoice.
GST-03 Item 12: Total Value of Exempt Supplies
[GST | Print GST-03...]
- 1. For instances, the GST-03 Item 12 = Rm62.886.40
- 2. You can check the details by double click on the amount in Item 12.
- 3. Pop-up the item 12 detail.
- 4. You can insert additional column, ie. From Doc Type and Trans Type.
- a. From Doc Type will help you to identify the documents where it posted;
- b. Trans Type will tell you the document posted from special case, eg. Realized Gain in Foreign Exchange.
NOTE: Trans Type = _X, it means the posting entry related to Realized Gain or Loss in Foreign Exchange.
Cross Check Reports
GST Listing
[GST | Print GST Listing...]
- 1. Select the date range or GST Process.
- 2. You can select the tax parameter for ES and ES43.
- 3. Apply the GST Listing.
Tax Code Local Amount Explanation ES43 5,000.00 Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES43 ES43 Gain=7,886.40 Net realized forex gain calculated ES 50,000.00 Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES Total 62,886.40 Total value shown in GST-03 Item 12
- 4. Click on each tax type, you able to view the details. See the example in the screenshot below.
- a. ES43
- b. ES43 (Net Realized Forex Gain ONLY)
- c. ES
GL Ledger
[GL | Print Ledger Report...]
Normal Posting for ES43 & EP
- 1. In the General Ledger report, you have to insert the Tax grid column.
- 2. Filter the Tax Code (ES and ES43).
- 3. Transactions related to ES. See the screenshot below.
- 3. Transactions related to ES43. See the screenshot below.
Special Posting for Net Realized Gain Forex (ES43)
- 1. Check the Foreign Exchange Rate Gain or Loss Account setting at Tools | Options...(General Ledger). For example,
Default Account GL Account Code Foreign Exchange Rate Gain Account 530-000 Foreign Exchange Rate Loss Account 980-000
- 2. Select the Foreign Exchange Rate Gain or Loss Account, click APPLY.
- 3. You can see the Foreign Exchange Rate Gain or Loss posting transactions in GL Ledger.
Account Local DR Local CR Explanation Total Gain on Foreign Exchange 0.00 8,480.00 Total Loss on Foreign Exchange 593.60 0.00 Net Realized Forex 593.60 8,480.00 8,480.00 - 593.60 = 7,886.40 GAIN (ES43)
NOTE: RMCD has confirmed that Net Realised Gain in Forex ONLY need to add into GST-03 item 12 Total Value of Exempt Supplies. Tax code = ES43
Net Realised Loss in Forex will be NIL.
Summary: Comparison between GST-03, GST Listing and Ledger Report
- Here is the result summarized:
Description GST-03 GST Listing Ledger Report ES43 5,000.00 5,000.00 ES43 (Realized Gain Forex) 7,886.40 Forex Gain = 8,480.00
Forex Loss = -593.60
Net Forex Gain = 7,886.40
ES 50,000.00 50,000.00 Total Item 12 (ES + ES43) 62,886.40 62,886.40 62,886.40