GST Treatment: Import Goods (IM): Difference between revisions

Revision as of 03:21, 10 December 2015

Import Goods (IM)

Introduction

IM - "Import of goods with GST incurred". It means there is an input tax claimable. Tax rate is 6%.

Purchase of goods from oversea supplier, the supplier invoice received will not incurred GST. However, the GST will be taken place when the goods are discharged out from the port to forwarder warehouse or direct to the buyer. Custom will incurred the GST on the total value stated in K1 form.

GST IMPORTATION OF GOODS (IM)

Tax Code

[GST | Maintain Tax...]

You can found the following tax code available in SQL Financial Accounting.

Tax Code	Description	Tax Rate %
IM-0	Import of goods with no GST incurred (for Foreign Supplier Account)	0%
IM	Import of goods with GST incurred	6%

Oversea Supplier Invoice

[Purchase | Purchase Invoice...]
1. Create the oversea supplier invoice at Purchase Invoice.
2. Select the tax code “IM-0”. Tax amount = 0.00

2.3 Received Forwarder Notification from K1 /Invoice

Let's said in the K1 form details:-

Description	Amount	Calculation
Goods Value (A)	1,155.00	USD300 x 3.8500
Custom Duty (B) (assumed is 5%)	57.75	Rm1,155 x 5%
Total Taxable Amount (C)	1,212.75	A + B
GST - IM	72.77	C x 6% = Rm1,212.75 x 6%

Usually, the forwarder will invoice to the principal company for the following details:-

Header text	Header text	Header text	Header text
Example	Example	Example	Example
Example	Example	Example	Example
Example	Example	Example	Example
Example	Example	Example	Example
Example	Example	Example	Example

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

@@ Line 7: / Line 7: @@
 Purchase of goods from oversea supplier, the supplier invoice received will not incurred GST. However, the GST will be taken place when the goods are discharged out from the port to forwarder warehouse or direct to the buyer. Custom will incurred the GST on the total value stated in K1 form.<br />
+==GST IMPORTATION OF GOODS (IM)==
+===Tax Code===
+''[GST | Maintain Tax...]''<br />
+You can found the following tax code available in SQL Financial Accounting.  <br />
-==How to enter the Tax Invoice if there is a FIZ/LMW transactions to another party? ==
-''[Sales | Invoice...]''<br />
-According to the example mentioned in above.<br />
-. Insert and select the stock items sold with empty tax code. Because the stock items are under FIZ/LMW control. <br />
 ::{| class="wikitable"
 |-
-! Item Code !! Description !!Qty !! Unit Price !! Subtotal !! Tax Code !! Tax Amount !! SubTotal(Tax)
+! Tax Code !! Description !! Tax Rate %
 |-
-| SHIRT || SHIRTS ||300 pcs || 25.00 || 7,500.00 || <BLANK> || 0.00 || 7,500.00
+| IM-0 || Import of goods with no GST incurred (for Foreign Supplier Account) || 0%
 |-
-| PAINTS || PAINTS || 100 pcs || 30.00 || 3,000.00 || <BLANK> || 0.00 || 3,000.00
+| IM|| Import of goods with GST incurred || 6%
 |}<br />
-. Inser new row and enter the GST on total supply value (Rm7500 + Rm3000 = Rm10,500) direct into Taxable Amount column (C1)<br />
+===Oversea Supplier Invoice===
-::{| class="wikitable"
+''[Purchase | Purchase Invoice...]''<br />
+. Create the oversea supplier invoice at Purchase Invoice. <br />
+. Select the tax code “IM-0”. Tax amount = 0.00 <br />
+::[[File:GST-IM-PI-01.jpg | 440PX]]
+<br />
+===2.3	Received Forwarder Notification from K1 /Invoice===
+Let's said in the K1 form details:-<br />
+<br />
+{| class="wikitable"
+|-
+! Description !! Amount!! Calculation
+|-
+| Goods Value (A)|| 1,155.00 || USD300 x 3.8500
+|-
+| Custom Duty (B) <br /> ''(assumed is 5%)'' || 57.75 || Rm1,155 x 5%
 |-
-! Description !! Taxable Amount !! Tax Code !! Tax Amount !! SubTotal(Tax)
+| '''Total Taxable Amount (C)''' || '''1,212.75''' || '''A + B'''
 |-
-| GST on value Rm10,500.00 || 10,500.00 || SR || 630.00 || 630.00
+| GST - IM  || 72.77 ||  C x 6% = Rm1,212.75 x 6%
-|}<br />
+|}
-::[[File:FIZ&LMW-Invoice Entry-01.jpg | 440PX]]
 <br />
- ''NOTE : ''<br />
+Usually, the forwarder will invoice to the principal company for the following details:-
- ''A1 : Key-in "GST on value" into description.''<br />
+{| class="wikitable"
- ''B1 : Must select tax code.''<br />
+|-
- ''C1 : Key-in the Total Supply Value into Taxable Amount.''<br />
+! Header text !! Header text !! Header text !! Header text
-<br />
+|-
+| Example || Example || Example || Example
-. Insert new row and enter the GST on total Import Duty (Rm1,500 + Rm600.00 = Rm2,100) direct into Taxable Amount column (C2)<br />
+|-
-::{| class="wikitable"
+| Example || Example || Example || Example
+|-
+| Example || Example || Example || Example
 |-
-! Description !! Taxable Amount !! Tax Code !! Tax Amount !! SubTotal(Tax)
+| Example || Example || Example || Example
 |-
-| GST on Import Duty 20% || 2,100.00 || SR || 126.00 || 126.00
+| Example || Example || Example || Example
-|}<br />
+|}
-::[[File:FIZ&LMW-Invoice Entry-02.jpg | 440PX]]
 <br />