GST Treatment: Non-Refundable Deposit: Difference between revisions

Revision as of 04:55, 25 February 2016

GST Treatment-Non-Refundable Deposit

How to enter the non-refundable deposit accounted to Standard Rated (SR) and Zero Rated(ZRL & ZRE) to reflect in GST-03 submission?

This guide will help you out. All non-refundable deposit amount are inclusive tax.

Type of supplies	Tax Rate	GST-03
Standard Rated (SR)	6%	1. Total Value of Standard Rated Supply (5a) 2. Total Output Tax (5b)
Zero Rated (ZRL & ZRE)	0%	1. Total Value of Local Zero Rated Supplies 2. Total Value of Export Supplies

Menu: Customer | Customer Payment...

1. Create New Customer Payment.

2. Enter the Paid Amount, eg. Rm10,000.00

3. Tick Non-Refundable for GST not equal to 0%.

4. See the screenshot below.

5. Process GST Returns (GST | New GST Returns...).

6. Print the GST-03.

GST-03 results:-

GST-03 Item	Description	Local Amount
5a	Total Value of Standard Rated Supply	9,433.96
5b	Total Output Tax (Inclusive of Tax Value on Bad Debt Recovered & other Adjustments)	566.04

7. See the GST-03 screenshot below.

1. Create New Customer Payment.

2. Enter the Paid Amount, eg. Rm25,000.00 (USD6,000.00)

3. Untick Non-Refundable for GST equal to 0%, eg. ZRL and ZRE.

4. Press CTRL + ALT + G.

5. Enter the tax transactions. See the detail screenshot below.

5. Process GST Returns (GST | New GST Returns...).

6. Print the GST-03.

GST-03 results:-

GST-03 Item	Description	Local Amount
11	Total Value of Export Supplies (ZRE)	25,000.00

7. See the GST-03 screenshot below.

@@ Line 47: / Line 47: @@
 :1. Create '''New Customer Payment'''.
 :2. Enter the '''Paid Amount''', eg. Rm25,000.00 (USD6,000.00)
-:3. Untick '''Non-Refundable''' for '''GST equal to 0%''', eg. ZRL and ZRE.
+:3. '''Untick Non-Refundable''' for '''GST equal to 0%''', eg. ZRL and ZRE.
 :4. Press '''CTRL + ALT + G'''.
 :5. Enter the tax transactions. See the detail screenshot below.