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==Introduction== | ==Introduction== | ||
:Pursuant to Section 6, '''Goods and Service Tax (Repeal) Act 2018''', all GST Registrants are required: | :Pursuant to Section 6, '''Goods and Service Tax (Repeal) Act 2018''', all GST Registrants are required: | ||
::1. to submit the GST-03 Return on the final taxable period and | ::1. to submit the GST-03 Return on the final taxable period '''(ie. 31 Aug 2018)''' and | ||
::2. make full payment for the amount of tax payable in connection with the supply | ::2. make full payment for the amount of tax payable in connection with the supply '''for the last taxable period within 120 days (29 December 2018)''' from 01 Sept 2018. | ||
[[File:GST-FinalReturn 01.jpg]] | |||
<br /> | |||
==How to claim the input tax 6% from Purchase/Supplier invoice after 1 Sept 2018?== | |||
:Any input tax claimable from the purchase/supplier invoice received after 1 Sept 2018. It can be claim and must submit into the Final GST Returns (31 Aug 2018). | |||
:Input tax claim will be subjected to verification and audit. | |||
:Refund will be made within 6 years. | |||
[[File:GST-FinalReturn 02.jpg]] | |||
:1. '''Purchase Invoice''' | |||
''Menu: | ''Menu: Purchase | Purchase Invoice'' | ||
::{| class="wikitable" | ::{| class="wikitable" | ||
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Revision as of 09:10, 24 August 2018
Introduction
- Pursuant to Section 6, Goods and Service Tax (Repeal) Act 2018, all GST Registrants are required:
- 1. to submit the GST-03 Return on the final taxable period (ie. 31 Aug 2018) and
- 2. make full payment for the amount of tax payable in connection with the supply for the last taxable period within 120 days (29 December 2018) from 01 Sept 2018.
How to claim the input tax 6% from Purchase/Supplier invoice after 1 Sept 2018?
- Any input tax claimable from the purchase/supplier invoice received after 1 Sept 2018. It can be claim and must submit into the Final GST Returns (31 Aug 2018).
- Input tax claim will be subjected to verification and audit.
- Refund will be made within 6 years.
- 1. Purchase Invoice
Menu: Purchase | Purchase Invoice
GST-03 Value 5a -2,000 5b -120
- 2. Journal Adjustment:
GL Code Tax Tax Rate Local DR Local CR Local DR(Tax) Local CR(Tax) GST-03 GST-103 AJP-OA 6% 2,000 2,120 6a = 0
6b = 120GST-103 SR 6% 2,000 2,120 5a = 0
5b = 0
Negative in 6a6b
Menu: GL | Journal Entry...
- 1.Input Tax (Negative)
Items Value 6a -1,000 6b -60
- 2.Journal Adjustment:
GL Code Tax Tax Rate Local DR Local CR Local DR(Tax) Local CR(Tax) GST-03 GST-103 TX 6% 1,000 1,060 6a = 0
6b = 0GST-103 AJS-OA 6% 1,000 1,060 5a = 0
5b = 60
