GST-03 Item 12 (ES + ES43) : How to compare the Total Value of Exempt Supplies between GST-03 and Ledger: Difference between revisions
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! Tax Code !! Tax Description || Tax Rate || Explanation and examples | ! Tax Code !! Tax Description || Tax Rate || Explanation and examples | ||
|- | |- | ||
| style="vertical-align: top;" | ES43 || style="vertical-align: top;" | Incidental Exempt Supplies || style="vertical-align: top; | | style="vertical-align: top;" | ES43 || style="vertical-align: top;" | Incidental Exempt Supplies || style="vertical-align: top;" | 0% || This refers to Exempt Supplies made under Incidental Exempt Supplies. | ||
Incidental Exempt Financial Services Supplies (IEFS) include:-<br /> | Incidental Exempt Financial Services Supplies (IEFS) include:-<br /> | ||
* interest income from deposits placed with a financial institution in Malaysia | * interest income from deposits placed with a financial institution in Malaysia | ||
* realized foreign exchange gains or losses | * realized foreign exchange gains or losses | ||
|- | |- | ||
| style="vertical-align: top;" | ES || style="vertical-align: top;" | Exempt Supplies under GST || style="vertical-align: top; | | style="vertical-align: top;" | ES || style="vertical-align: top;" | Exempt Supplies under GST || style="vertical-align: top;" | 0% || This refers to supplies which are EXEMPTED UNDER GST.<br /> | ||
These supply includes:-<br /> | These supply includes:-<br /> | ||
* Selling of Residential Properties to consumer | * Selling of Residential Properties to consumer | ||
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:1. ES43 - '''Interest income from deposits placed with a financial institution in Malaysia''' | :1. ES43 - '''Interest income from deposits placed with a financial institution in Malaysia''' | ||
::Screenshot below from Journal Entry. | ::Screenshot below from Journal Entry. | ||
::[[File: GST GST-03 Item12-14.jpg | ::[[File: GST GST-03 Item12-14.jpg]] | ||
<br /> | <br /> | ||
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::a. '''Realized Gain in Foreign Exchange''' | ::a. '''Realized Gain in Foreign Exchange''' | ||
:::Screenshot below from Customer Payment. | :::Screenshot below from Customer Payment. | ||
:::[[File: GST GST-03 Item12-15A.jpg | :::[[File: GST GST-03 Item12-15A.jpg]] | ||
<br /> | <br /> | ||
::b. '''Realized Loss in Foreign Exchange''' | ::b. '''Realized Loss in Foreign Exchange''' | ||
:::Screenshot below from Customer Payment. | :::Screenshot below from Customer Payment. | ||
:::[[File: GST GST-03 Item12-15B.jpg | :::[[File: GST GST-03 Item12-15B.jpg]] | ||
<br /> | <br /> | ||
:3. ES - '''Financial Institution’s interest charges to customers for loan''' | :3. ES - '''Financial Institution’s interest charges to customers for loan''' | ||
::Screenshot below from Customer Invoice. | ::Screenshot below from Customer Invoice. | ||
::[[File: GST GST-03 Item12-16.jpg | ::[[File: GST GST-03 Item12-16.jpg]] | ||
<br /> | <br /> | ||
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:Screenshot below from GST-03 Item 12. | :Screenshot below from GST-03 Item 12. | ||
::[[File: GST GST-03 Item12-01.jpg | ::[[File: GST GST-03 Item12-01.jpg]] | ||
<br /> | <br /> | ||
:1. Double click on the amount in item 12. | :1. Double click on the amount in item 12. | ||
:2. Pop-up the item 12 detail. | :2. Pop-up the item 12 detail. | ||
::[[File: GST GST-03 Item12-02.jpg | ::[[File: GST GST-03 Item12-02.jpg]] | ||
<br /> | <br /> | ||
:3. You can insert additional column, ie. From Doc Type and Trans Type. | :3. You can insert additional column, ie. From Doc Type and Trans Type. | ||
::[[File: GST GST-03 Item12-03.jpg | ::[[File: GST GST-03 Item12-03.jpg]] | ||
<br /> | <br /> | ||
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:1. Select the date range or GST Process. | :1. Select the date range or GST Process. | ||
:2. Apply the GST Listing. | :2. Apply the GST Listing. | ||
::[[File: GST GST-03 Item12-04.jpg | ::[[File: GST GST-03 Item12-04.jpg]] | ||
<br /> | <br /> | ||
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:3. Click on each tax type, you able to view the details. See the example in the screenshot below. | :3. Click on each tax type, you able to view the details. See the example in the screenshot below. | ||
::[[File: GST GST-03 Item12-05.jpg | ::[[File: GST GST-03 Item12-05.jpg]] | ||
<br /> | <br /> | ||
::[[File: GST GST-03 Item12-06.jpg | ::[[File: GST GST-03 Item12-06.jpg]] | ||
<br /> | <br /> | ||
::[[File: GST GST-03 Item12-07.jpg | ::[[File: GST GST-03 Item12-07.jpg]] | ||
<br /> | <br /> | ||
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:1. In the General Ledger report, you have to insert the '''Tax''' grid column. | :1. In the General Ledger report, you have to insert the '''Tax''' grid column. | ||
:2. Filter the Tax Code (ES and ES43). | :2. Filter the Tax Code (ES and ES43). | ||
::[[File: GST GST-03 Item12-08.jpg | ::[[File: GST GST-03 Item12-08.jpg]] | ||
<br /> | <br /> | ||
:3. Transactions related to ES. See the screenshot below. | :3. Transactions related to ES. See the screenshot below. | ||
::[[File: GST GST-03 Item12-09.jpg | ::[[File: GST GST-03 Item12-09.jpg]] | ||
<br /> | <br /> | ||
:3. Transactions related to ES43. See the screenshot below. | :3. Transactions related to ES43. See the screenshot below. | ||
::[[File: GST GST-03 Item12-10.jpg | ::[[File: GST GST-03 Item12-10.jpg]] | ||
<br /> | <br /> | ||
====Special Posting for Net Realized Gain Forex (ES43)==== | ====Special Posting for Net Realized Gain Forex (ES43)==== | ||
:1. Check the Foreign Exchange Rate Gain or Loss Account setting at '''Tools | Options...(General Ledger)'''. | :1. Check the Foreign Exchange Rate Gain or Loss Account setting at '''Tools | Options...(General Ledger)'''. | ||
::[[File: GST GST-03 Item12-11.jpg | ::[[File: GST GST-03 Item12-11.jpg]] | ||
<br /> | <br /> | ||
:2. Select the Foreign Exchange Rate Gain or Loss Account, click '''APPLY'''. | :2. Select the Foreign Exchange Rate Gain or Loss Account, click '''APPLY'''. | ||
::[[File: GST GST-03 Item12-12.jpg | ::[[File: GST GST-03 Item12-12.jpg]] | ||
<br /> | <br /> | ||
:3. You can see the posting transactions for Foreign Exchange Rate Gain or Loss. | :3. You can see the posting transactions for Foreign Exchange Rate Gain or Loss. | ||
::[[File: GST GST-03 Item12-13.jpg | ::[[File: GST GST-03 Item12-13.jpg]] | ||
<br /> | <br /> | ||
::{| class="wikitable" | ::{| class="wikitable" |
Revision as of 09:27, 28 January 2016
How to compare the Total Value of Exempt Supplies between GST-03 and Ledger?
Introduction
- This guide will help to check the data entry source posted for Item 12 Total Value of Exempt Supplies in GST-03.
- 1. GST Tax Code
Tax Code Tax Description Tax Rate Explanation and examples ES43 Incidental Exempt Supplies 0% This refers to Exempt Supplies made under Incidental Exempt Supplies. Incidental Exempt Financial Services Supplies (IEFS) include:-
- interest income from deposits placed with a financial institution in Malaysia
- realized foreign exchange gains or losses
ES Exempt Supplies under GST 0% This refers to supplies which are EXEMPTED UNDER GST.
These supply includes:-
- Selling of Residential Properties to consumer
- Selling of tickets for Public Transportation (Taxis, Stage Buses, Ferries)
- Financial Institution’s interest charges to customers for loan.
- 2. GST-03
Item No. Description Guidelines 12 Total Value of Exempt Supplies ES43 + ES (Taxable Amount)
Note: Net Loss in Forex (ES43)= 0.00
Example of Data Entry
- 1. ES43 - Interest income from deposits placed with a financial institution in Malaysia
- 2. ES43 - Realized foreign exchange gains or losses
- 3. ES - Financial Institution’s interest charges to customers for loan
GST-03 Item 12: Total Value of Exempt Supplies
[GST | Print GST-03...]
Tips: Trans Type = _X, it means the posting entry related to Realized Gain or Loss in Foreign Exchange.
Cross Check Reports
GST Listing
[GST | Print GST Listing...]
Tax Code | Local Amount | Explanation |
---|---|---|
ES43 | 5,000.00 | Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES43 |
ES43 | Gain=7,886.40 | Net realized forex gain calculated |
ES | 50,000.00 | Local amount from Sales/Customer/Journal Entry/Cash Book (OR) documents related to tax code : ES |
Total | 62,886.40 | Total value shown in GST-03 Item 12 |
GL Ledger
[GL | Print Ledger Report...]
Normal Posting for ES43 & EP
- 1. In the General Ledger report, you have to insert the Tax grid column.
- 2. Filter the Tax Code (ES and ES43).
Special Posting for Net Realized Gain Forex (ES43)
- 1. Check the Foreign Exchange Rate Gain or Loss Account setting at Tools | Options...(General Ledger).
Account Local DR Local CR Explanation Gain on Foreign Exchange 0.00 8,480.00 Loss on Foreign Exchange 593.60 0.00 Net Realized Forex 593.60 8,480.00 8,480.00 - 593.60 = 7,886.40 GAIN (ES43)
Comparison in Summary
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