How to avoid costly GST errors?
Introduction
- This guide will help you to easily identify the common GST errors in GST Returns. To minimize GST amendment and incorrect GST Returns to RMCD.
- You may wish to take note the follow errors commonly made by businesses:
- 1. Standard Rated Supply (5a) and Output Tax (5b)
- 2. Stanadard Rate and Flat Rate Acquisitions (6a), and Input Tax (6b)
- 3. Carry forward refund for GST?
- 4. Local Zero-Rated Supplies
- 5. Export Supplies
- 6. Exempt Supplies
- 7. Supplies Granted GST Relief
- 8. Goods Imported Under Approved Trader Scheme and GST Suspended
- 9. Capital Goods Acquired
- 10. Bad Debt Relief
- 11. Bad Debt Recovered
- 12. Output tax value breakdown into Major Industries Code (MSIC Code)
- 13. Disallowed Input Tax
- 14. Other important info required in GAF
Standard Rated Supply (5a) and Output Tax (5b)
- 1. Sale or disposal of business assets
- 2. Goods given free as gift.
- 3. Inter-company transations
Stanadard Rate and Flat Rate Acquisitions (6a), and Input Tax (6b)
Carry forward refund for GST?
Local Zero-Rated Supplies
Export Supplies
Exempt Supplies
This refer to the following types according to Goods and Services Tax (Exempt Supplies) Order 2014:-
- 1. Services:-
- a. Private education
- b. Private health services
- c. Childcare services
- d. Domestic transportation of passengers for mass Public Transports (eg. by rail, ship, boat, ferry, express bus, stage bus, school bus, feeder bus, workers bus and taxi)
- e. Toll highway
- 2. Financial Services:-
- a. Interest income from deposits placed with a financial institution in Malaysia
- b. Interest received from loans provided to employees (factoring receivables)
- c. Realized foreign exchange gains.
- 3. Goods:-
- a. Residential properties
- b. Land for agricultural use
- c. Land for general user (ie. burial ground, playground or religious building)
GST Listing
- 1. After GST Return processed, go to Print GST Listing....
- 2. Preview and select the report name GST Detail 2.
- 3. To ensure the document detail descriptions are clearly stated and map to the correct tax code.
GST-03
- 1. To quick do amendment before submit the GST-03 to RMCD. Click here to learn more about the GST amendment.
- 2. Double click on the item 12 in GST-03.
- 3. Drill down the documents to open and correct it accordingly.
- 4. Lastly, you have to Recalculate the amended GST Return.