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

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.

2. ES43 - Realized foreign exchange gains or losses

a. Realized Gain in Foreign Exchange

Screenshot below from Customer Payment.

b. Realized Loss in Foreign Exchange

Screenshot below from Customer Payment.

3. ES - Financial Institution’s interest charges to customers for loan

Screenshot below from Customer Invoice.

GST-03 Item 12: Total Value of Exempt Supplies

[GST | Print GST-03...]

Screenshot below from GST-03 Item 12.

1. Double click on the amount in item 12.

2. Pop-up the item 12 detail.

3. You can insert additional column, ie. From Doc Type and Trans Type.

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.

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.

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).

3. Transactions related to ES. See the screenshot below.

3. Transactions related to ES43. See the screenshot below.

Special Posting for Net Realized Gain Forex (ES43)

1. Check the Foreign Exchange Rate Gain or Loss Account setting at Tools | Options...(General Ledger).

2. Select the Foreign Exchange Rate Gain or Loss Account, click APPLY.

3. You can see the posting transactions for Foreign Exchange Rate Gain or Loss.

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

• Print GST Listing
• Print GST-03