Special-GST Treatment: Non-deductible Expenditure: Difference between revisions
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==How to | ==How to do?== | ||
''[Sales | Invoice...]''<br /> | ''[Sales | Invoice...]''<br /> | ||
===New Tax Code=== | |||
According to the example mentioned in above.<br /> | According to the example mentioned in above.<br /> | ||
1. Insert and select the stock items sold with empty tax code. Because the stock items are under FIZ/LMW control. <br /> | 1. Insert and select the stock items sold with empty tax code. Because the stock items are under FIZ/LMW control. <br /> | ||
Revision as of 03:13, 1 December 2015
How to enter and to retrieve the non-deductible expenditure?
Introduction
This guide will teach you the way to key-in the data entry and help you to analyse the non-deductible expenditure related to GST. It is follow to the latest 2015 amendment in Income Tax Act 1967.
GST Expenditure (Effective from YA 2015)
1. para 39(1)(o): GST input tax paid or to be paid not allowed as deduction if:-
- a. Non-registered person with turnover exceed GST threshold of Rm500,000.
- b. Registered person fail to claim input tax credit his entitled to claim.
2. section 39(1)(p): Output tax absorbed by GST by registered person is not allowed as tax deduction.
3. GST block input tax & deductible expenses:-
Block Tax GST input Tax Tax deductible? Passenger car (Cost and maintenance) Blocked Deductible (to claim capital allowance) Club subscription fee Blocked Non-deductible Medical insurance/personal accident insurance Blocked Deductible Family benefits Blocked Depend (check with your auditors or tax consultant) Entertainment expenses (Potential customer) Blocked Non-deductible Entertainment expenses (Supplier) (p Blocked Allowed 50% deduction
How to do?
[Sales | Invoice...]
New Tax Code
According to the example mentioned in above.
1. Insert and select the stock items sold with empty tax code. Because the stock items are under FIZ/LMW control.
Item Code Description Qty Unit Price Subtotal Tax Code Tax Amount SubTotal(Tax) SHIRT SHIRTS 300 pcs 25.00 7,500.00 <BLANK> 0.00 7,500.00 PAINTS PAINTS 100 pcs 30.00 3,000.00 <BLANK> 0.00 3,000.00
2. Inser new row and enter the GST on total supply value (Rm7500 + Rm3000 = Rm10,500) direct into Taxable Amount column (C1)
Description Taxable Amount Tax Code Tax Amount SubTotal(Tax) GST on value Rm10,500.00 10,500.00 SR 630.00 630.00
NOTE :
A1 : Key-in "GST on value" into description.
B1 : Must select tax code.
C1 : Key-in the Total Supply Value into Taxable Amount.
3. Insert new row and enter the GST on total Import Duty (Rm1,500 + Rm600.00 = Rm2,100) direct into Taxable Amount column (C2)
Description Taxable Amount Tax Code Tax Amount SubTotal(Tax) GST on Import Duty 20% 2,100.00 SR 126.00 126.00
NOTE :
A2 : Key-in "GST on Import Duty" into description.
B2 : Must select tax code.
C2 : Key-in the Total Import Duty value into Taxable Amount.
GST Return
[ GST | New GST Return...]
1. Process GST Return for the month
2. Click on print GST-03
RESULTS :
5a Total value of supplies = 12,600.00
5b total output tax = 756.00