GST Treatment: Non-Refundable Deposit

From eStream Software

GST Treatment-Non-Refundable Deposit


Introduction

How to enter the non-refundable deposit accounted to Standard Rated (SR) and Zero Rated(ZRL & ZRE) to reflect in GST-03 submission?
This guide will help you out. All non-refundable deposit amount are inclusive tax.


Type of supplies Tax Rate GST-03
Standard Rated (SR) 6% 1. Total Value of Standard Rated Supply (5a)

2. Total Output Tax (5b)

Zero Rated (ZRL & ZRE) 0% 1. Total Value of Local Zero Rated Supplies

2. Total Value of Export Supplies

Customer Payment

Menu: Customer | Customer Payment...

A. Non-Refundable (SR)

1. Create New Customer Payment.
2. Enter the Paid Amount, eg. Rm10,000.00
3. Tick Non-Refundable for GST not equal to 0%.
4. See the screenshot below.
GST-Non-RefundableDep-01.jpg


5. Process GST Returns (GST | New GST Returns...).
6. Print the GST-03.
GST-03 results:-
Item no Description Amount
5a Total Value of Standard Rated Supply 10,000 x 100/106 = 9,433.96
5b Total Output Tax (Inclusive of Tax Value on Bad Debt Recovered & other Adjustments) 10,000 x 6/106 = 566.04


7. See the GST-03 screenshot below.
GST-Non-RefundableDep-02.jpg



B. Non-Refundable (ZR)

[GST | Print GST-03...]

1. For instances, the GST-03 Item 12 = Rm62.886.40
GST GST-03 Item12-01.jpg


2. You can check the details by double click on the amount in Item 12.
3. Pop-up the item 12 detail.
GST GST-03 Item12-02.jpg


4. You can insert additional column, ie. From Doc Type and Trans Type.
a. From Doc Type will help you to identify the documents where it posted;
b. Trans Type will tell you the document posted from special case, eg. Realized Gain in Foreign Exchange.
GST GST-03 Item12-03.jpg


NOTE:
Trans Type = _X, it means the posting entry related to Realized Gain or Loss in Foreign Exchange.

See also