GST Treatment: Free Industrial Zone(FIZ) and Licensed Manufacturing Warehouse(LMW): Difference between revisions
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==How to enter the Tax Invoice if there is a FIZ/LMW transactions to another party? == | ==How to enter the Tax Invoice if there is a FIZ/LMW transactions to another party? == | ||
''[Sales | Invoice...]'' | |||
''[ | |||
1. Enter the purchase value of second car at Purchase Invoice. (eg. RM30,000 )<br /> | 1. Enter the purchase value of second car at Purchase Invoice. (eg. RM30,000 )<br /> | ||
2. You must select the correct car plate number from Project. (eg. PGE3333)<br /> | 2. You must select the correct car plate number from Project. (eg. PGE3333)<br /> | ||
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== | ==GST Return== | ||
''[Sales | Invoice…]''<br /> | ''[Sales | Invoice…]''<br /> | ||
===Margin Scheme Input=== | ===Margin Scheme Input=== | ||
Revision as of 04:57, 30 November 2015
Free Industrial Zone(FIZ) and Licensed Manufacturing Warehouse(LMW)
Introduction
This guide will teach you the way to key-in the data entry related to GST treatment on FIZ and LMW.
Subject to GST:
FIZ Local sell to FIZ Local → SR
FIZ local sell to LMW Local → SR
FIZ/LMW local sell to non-FIZ/LMW → SR
FIZ/LMW Local sell to Oversea → ZR
For example,
| Item | Item Description | Qty | Unit Price (RM) |
Value(RM) | Import Duty (RM) |
|---|---|---|---|---|---|
| 1. | Shirts | 300 pcs | 25.00 | 7,500.00 | 1,500.00 |
| 2. | Paints | 100 pcs | 30.00 | 3,000.00 | 600.00 |
| Total | 10,500 | 2,100.00 |
Assuming 20% import duty (RM10,500 x 20% = 2,100.00)
GST on value + Import Duty are subject to GST (SR) = (10,500.00 + 2,100.00) x 6% = 756.00
Therefore, the Tax Invoice will be presented as per below:
| Item | Item Description | Qty | Unit Price (RM) |
Value (RM) |
|---|---|---|---|---|
| 1. | Shirt | 300 pcs | 25.00 | 7,500.00 |
| 2. | Paints | 100 pcs | 30.00 | 3,000.00 |
| GST (SR-6%) | 756.00 | |||
| Total Amount Payable | 11,256.00 |
How to enter the Tax Invoice if there is a FIZ/LMW transactions to another party?
[Sales | Invoice...]
1. Enter the purchase value of second car at Purchase Invoice. (eg. RM30,000 )
2. You must select the correct car plate number from Project. (eg. PGE3333)
3. Supplier GST No, Purchase invoice number, date and cost will be update automatically after you have save the purchase invoice.
| Purchase Detail | Update from |
|---|---|
| Supplier GST No | Maintain Supplier |
| Purchase Invoice No | Purchase Invoice |
| Purchase Invoice Date | Purchase Invoice |
| Cost | Purchase Invoice |
NOTE :
1. This information is required to show in Lampiran 07 -Monthly Report for Relief for Secondhand Goods or Margin Scheme (MS).
2. Auto update to project purchase detail (Purchase No, Purchase Date and Cost) if tax amount is zero
GST Return
[Sales | Invoice…]
Margin Scheme Input
1. Enter the sale value of second car at Invoice. (eg.RM90,113.69)
2. You must select the correct car plate number from Project.(eg.PGE3333)
3. Initial Purchase Cost will auto upadate after select the project (car plate number).
4. Tax amount will be calculated based on Margin Scheme method.(See screenshot below)
- a. Sellng Price = 90,113.69
- b. Purchase Cost = 30,000.00
- c. Margin = 90,113.69 – 30,000.00 = 60,113.69
- d. Tax amount = 60,113.69 x 6/106 = 3,402.66
- a. Sellng Price = 90,113.69
6. Invoice no, invoice date, selling price, margin, and margin tax amount will be shown in Lampiran 07 -Monthly Report for Relief for Secondhand Goods or Margin Scheme (MS)
Other Information
1. Customer Particular tab.
2. Deposit Info (For record purpose, no posting to account).
3. Vehichle Detail (Auto retrieve from Vehicle Detail in Maintain Project).
Print for GST Lampiran 07 (Lampiran B0-Penyata-Pemantauan-SM-Syarikat)
[Sales | Print Sales Document Listing…]
1. Select document to “Invoice Listing” and click APPLY.
2. Click on preview or print. Select the report name “Lampiran B0-Penyata-Pemantauan-SM-Syarikat”.
See also
- Others Customisation