GST Treatment: Non-Refundable Deposit

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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...

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:-
GST-03 Item Description Local Amount
5a Total Value of Standard Rated Supply 9,433.96
5b Total Output Tax (Inclusive of Tax Value on Bad Debt Recovered & other Adjustments) 566.04


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


Non-Refundable (ZR)

1. Create New Customer Payment.
2. Enter the Paid Amount, eg. Rm25,000.00 (USD6,000.00)
3. Ensure the Non-Refundable checkbox is Untick for GST equal to 0%, eg. ZRL and ZRE.
4. Press CTRL + ALT + G.
5. Enter the tax transactions. See the GST Taxable detail in the screenshot below.
GST-Non-RefundableDep-03.jpg


5. Process GST Returns (GST | New GST Returns...).
6. Print the GST-03.
GST-03 results:-
GST-03 Item Description Local Amount
11 Total Value of Export Supplies (ZRE) 25,000.00


7. See the GST-03 screenshot below.
GST-Non-RefundableDep-04.jpg


See also