GST-03 Item 12 (ES + ES43) : How to compare the Total Value of Exempt Supplies between GST-03 and Ledger

From eStream Software

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
Screenshot below from Journal Entry.
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2. ES43 - Realized foreign exchange gains or losses
a. Realized Gain in Foreign Exchange
Screenshot below from Customer Payment.
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b. Realized Loss in Foreign Exchange
Screenshot below from Customer Payment.
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3. ES - Financial Institution’s interest charges to customers for loan
Screenshot below from Customer Invoice.
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GST-03 Item 12: Total Value of Exempt Supplies

[GST | Print GST-03...]

Screenshot below from GST-03 Item 12.
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1. Double click on the amount in item 12.
2. Pop-up the item 12 detail.
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3. You can insert additional column, ie. From Doc Type and Trans Type.
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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...]

1. Select the date range or GST Process.
2. Apply the GST Listing.
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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


3. Click on each tax type, you able to view the details. See the example in the screenshot below.
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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).
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3. Transactions related to ES. See the screenshot below.
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3. Transactions related to ES43. See the screenshot below.
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Special Posting for Net Realized Gain Forex (ES43)

1. Check the Foreign Exchange Rate Gain or Loss Account setting at Tools | Options...(General Ledger).
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2. Select the Foreign Exchange Rate Gain or Loss Account, click APPLY.
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3. You can see the posting transactions for Foreign Exchange Rate Gain or Loss.
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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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See also