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! !! Amount (Rm) !! Calculation | ! !! style="text-align:right;"| Amount (Rm) !! Calculation | ||
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| Value of material and works (A1)|| 30,000.00 || | | Value of material and works (A1)|| style="text-align:right;"| 30,000.00 || | ||
|- | |- | ||
| Less: Retention Sum (B1) || 1,500.00 || Rm30,000 x 5% | | Less: Retention Sum (B1) || style="text-align:right;"| 1,500.00 || Rm30,000 x 5% | ||
|- | |- | ||
| Amount Paid (excl GST) || 28,500.00 || A1 - B1 | | Amount Paid (excl GST) || style="text-align:right;"| 28,500.00 || A1 - B1 | ||
|} | |} | ||
Revision as of 04:07, 12 December 2015
GST - Construction Business
Introduction
- This guide will teach you the way to enter the tax invoice to the Developer from Main Contractor.
- We have to look into and show the following items in order to calculate the GST amount in the Tax Invoice:
- Certified value - Progress claim value certified by Architect.
- Retention Amount - the amount of progress payment which is not paid until the conditions specified in the contract for the payment of such amounts have been met or until defects have been rectified.
- Progress payment
- For example,
- Progress Payment - 1st interim certificate
- For example,
Amount (Rm) Calculation Value of material and works (A1) 30,000.00 Less: Retention Sum (B1) 1,500.00 Rm30,000 x 5% Amount Paid (excl GST) 28,500.00 A1 - B1
Tax Invoice Entry
[Sales | Invoice...]
- 1. Create the oversea supplier invoice at Purchase Invoice.
- 2. Select the tax code “IM-0”. Tax amount = 0.00
Highlight Changes
| Date | Initiated by | Remarks |
|---|---|---|
| 12 December 2015 | Loo | Initial document. |