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.
How to enter the Tax Invoice if there is a FIZ/LMW transactions to another party?
[Sales | Invoice...]
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