Print GST Bad Debt Relief: Difference between revisions

Revision as of 09:56, 2 November 2015

GST Bad Debt Relief

Introduction

A taxable person may claim bad debt relief subject to the requirements and conditions set forth under sec.58 of the GSTA 2014 and the person has not received any payment or part of the payment in respect of the taxable supply from the debtor after the sixth month from the date of supply.

The bad debt relief may be claimed if -
(a) requirements under s.58 GSTA and Part X of GST Regulations 2014 arefulfilled; and
(b) the supply is made by a GST registered person to another GST registered person

The bad debt relief shall be claimed immediately in the taxable period after the expiry of the sixth month from the date of supply.

If the bad debt relief is not claimed by the supplier in the immediate taxable period immediately after the expiry of the sixth month, then the taxable person has to notify the Director General (DG) within 30 days after the expiry of the sixth month on his intention to claim at a later date.

A GST registered person who has made the input tax claim but fails to pay his supplier within six months from the date of supply shall account for output tax immediately after the expiry of the sixth month (s.38(9) GSTA).

The word ‘month’ in sec.58 refers to calendar month or complete month –
Example: Invoice issued at 15 th January 2017. For monthly taxable period, the sixth month expires at the end of June and the bad debt relief shall be claimed in July taxable period.

See below the overview of GST Bad Debt Relief system flow:

[[File:| 30PX]]

Check List related to Bad Debt Relief

Maintain Tax

[GST | Maintain Tax...]

Tax Code	Description	Tax Acc Entry	Tax Acc Entry
PH-AJP-BD	Input Tax adjustment e.g: Bad Debt Relief	Example	Example
SL-AJP-BD	Input Tax adjustment e.g: Bad Debt Relief	Example	Example
PH-AJS-BD	Output Tax adjustment e.g: Bad Debt Recover, outstanding invoice > 6 months	Example	Example
SL-AJS-BD	Output Tax adjustment e.g: Bad Debt Recover, outstanding invoice > 6 months	Example	Example

Maintain Customer

Maintain Supplier

Process GST Returns

GST Listing

[[File: | 440PX]]

GST-03

[[File: | 440PX]]

GST Bad Debt Relief

[GST | Print GST Bad Debt Relief…]

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 :
1.
2.

@@ Line 27: / Line 27: @@
 ==Check List related to Bad Debt Relief==
+===Maintain Tax===
+''[GST | Maintain Tax...]''
+{| class="wikitable"
+|-
+! Tax Code !! Description !! Tax Acc Entry !! Tax Acc Entry
+|-
+| PH-AJP-BD || Input Tax adjustment e.g: Bad Debt Relief || Example || Example
+|-
+| SL-AJP-BD || Input Tax adjustment e.g: Bad Debt Relief || Example || Example
+|-
+| PH-AJS-BD || Output Tax adjustment e.g: Bad Debt Recover, outstanding invoice > 6 months || Example || Example
+|-
+| SL-AJS-BD || Output Tax adjustment e.g: Bad Debt Recover, outstanding invoice > 6 months || Example || Example
+|}
+===Maintain Customer===
+===Maintain Supplier===
 <br />
@@ Line 34: / Line 53: @@
 <br />
-==Print GST Bad Debt Relief==
+==GST Listing==
+::[[File: | 440PX]]
+<br />
+==GST-03==
+::[[File: | 440PX]]
+<br />
+==GST Bad Debt Relief==
 ''[GST | Print GST Bad Debt Relief…]''
@@ Line 61: / Line 93: @@
 ''NOTE : ''<br />
-''1. This information is required to show in Lampiran 07 -Monthly Report for Relief for Secondhand Goods or Margin Scheme (MS).''<br />
+''1. ''<br />
-''2. Auto update to project purchase detail (Purchase No, Purchase Date and Cost) if tax amount is zero''<br />
+''2. ''<br />
 <br />
-==Record Sale of Second Hand Car Value==
-''[Sales | Invoice…]''<br />
-===Margin Scheme Input===
-. Enter the sale value of second car at Invoice. (eg.RM90,113.69)<br />
-. You must select the correct car plate number from Project.(eg.PGE3333)<br />
-. Initial Purchase Cost will auto upadate after select the project (car plate number). <br />
-. Tax amount will be calculated based on Margin Scheme method.(See screenshot below)<br />
-::a. Sellng Price = 90,113.69<br />
-::b. Purchase Cost = 30,000.00<br />
-::c. Margin = 90,113.69 – 30,000.00 = 60,113.69<br />
-::d. Tax amount = 60,113.69 x 6/106 = 3,402.66<br />
-::[[File:07 GST MarginScheme SalesInvoice.jpg | 440PX]]
-<br />
-. 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)<br />
-===Other Information===
-. Customer Particular tab.<br />
-::[[File:07 GST MarginScheme SalesInvoice CustParticular.jpg | 440PX]]
-<br />
-. Deposit Info (For record purpose, no posting to account).<br />
-::[[File:07 GST MarginScheme SalesInvoice Deposit.jpg | 440PX]]
-<br />
-. Vehichle Detail (auto retrieve from Vehicle tab in Maintain Stock Item).<br />
-::[[File:07 GST MarginScheme SalesInvoice VehicleDetail.jpg | 440PX]]
-<br />
-==Print for GST Lampiran 07 (Lampiran B0-Penyata-Pemantauan-SM-Syarikat)==
-''[Sales | Print Sales Document Listing…]''
-. Select document to “Invoice Listing” and click APPLY.<br />
-::[[File:08 GST MarginScheme SalesDocumentListing.jpg | 440PX]]
-<br />
-. Click on preview or print. Select the report name “Lampiran B0-Penyata-Pemantauan-SM-Syarikat”.<br />
-::[[File:08 GST MarginScheme SalesDocumentListingLampiran B.jpg | 40PX]]
-<br />
-==See also==
-* Others [[Customisation]]