GST Margin Scheme

How To Start the New Margin Scheme Special Database?

Introduction

GST is normally due on the full value of goods sold. The margin scheme allows a GST Margin Scheme registered person (GST MS registered person) who meets all the conditions to calculate and charge GST on the margin i.e. the difference between the price at which the goods were obtained and the selling price. If no margin is made (because the purchase price exceeds the selling price) then no GST is charged and payable.

For the purpose of GST, margin under this scheme means the difference between selling price and purchase price. If there is any value being added to the eligible goods such as cost for repairing, this cost is part of the margin other than profit. In other words, the value added must be included in the selling price and not the purchase price.

Therefore, we have designed a database structure specially for business which has margin scheme involvement. The modules required are:-

1. SQL Accounting Basic (GST compliance)
2. DIY field
3. DIY script
4. Project (use to record Car Plate number)

See below the sample process flow:

Setup Margin Scheme Database

1. Get the NEW database structure for Margin Scheme (in backup format) from this link http://www.sql.com.my/document/ACC%20BK-%5bMarginScheme%5d.zip
2. Restore this backup.
3. Enter the user ID and password with “ADMIN” to login.

Setup Master Data

Maintain Customer

[Customer | Maintain Customer…]

1. Create new buyer name (eg. company name or person name).
2. Click on Tax tab to input the GST No (if applicable).

3. Click on extra tab. You can enter the road tax, inspection and insurance reminder date for reference.

Maintain Supplier

[Supplier | Maintain Supplier…]

1. Create new seller name (eg. company name or person name).
2. Click on Tax tab to input the GST No (if applicable).

Maintain Stock Item

[Stock | Maintain Stock Item…] 1. Create the car model at Maintain Stock Item. For example, TOYOTA VIOS 1.5G(AT)
2. Click on Vehicle tab to define this item is a "Vehicle".

Maintain Project

[Stock | Maintain Project…] 1. Create the second car plate number in Maintain Project.
2. Update the Vehicle detail.

3. Leave BLANK to Purchase Invoice Date, Purchase Invoice No and Cost. It will auto update when you are select the project code and save at the Purchase Invoice.

Record Purchase of Second Hand Car Value

[Purchase | Purchase Invoice…]

1. Enter the purchase value of second car at Purchase Invoice. (eg. RM30,000 )
2. You must select the correct car plate number from Project. (eg. PGE3333)
3. Supplier GST No, Purchase invoice number, date and cost will be update automatically after you have save the purchase invoice.

Purchase Detail	Update from
Supplier GST No	Maintain Supplier
Purchase Invoice No	Purchase Invoice
Purchase Invoice Date	Purchase Invoice
Cost	Purchase Invoice

NOTE : This information is required to show in Lampiran 07 -Monthly Report for Relief for Secondhand Goods or Margin Scheme (MS)

Record Sale of Second Hand Car Value

[Sales | Invoice…]

Margin Scheme Input

1. Enter the sale value of second car at Invoice. (eg.RM90,113.69)
2. You must select the correct car plate number from Project.(eg.PGE3333)
3. Initial Purchase Cost will auto upadate after select the project (car plate number).
4. Tax amount will be calculated based on Margin Scheme method.(See screenshot below)

a. Sellng Price = 90,113.69

b. Purchase Cost = 30,000.00

c. Margin = 90,113.69 – 30,000.00 = 60,113.69

d. Tax amount = 60,113.69 x 6/106 = 3,402.66

6. Invoice no, invoice date, selling price, margin, and margin tax amount will be shown in Lampiran 07 -Monthly Report for Relief for Secondhand Goods or Margin Scheme (MS)

Other Information

1. Customer Particular tab.

2. Deposit Info (For record purpose, no posting to account).

3. Vehichle Detail (auto retrieve from Vehicle tab in Maintain Stock Item).

Print for GST Lampiran 07 (Lampiran B0-Penyata-Pemantauan-SM-Syarikat)

[Sales | Print Sales Document Listing…]

1. Select document to “Invoice Listing” and click APPLY.

2. Click on preview or print. Select the report name “Lampiran B0-Penyata-Pemantauan-SM-Syarikat”.