GST To replace Sales Tax and Service Tax Must registered with customs. There is minimum sales turnover that makes the company required to register for GST. Failing to do so, fine will be imposed. Rules- If Output Tax is more than Input Tax you will get reimbursement from GOVT. Basic Rules: 1. Standard 6% Rate. (,hotel,furniture,cloths,etc) Example - company A - Procurement & Sells Department Vendor - Purchase materials - RM100 Output Tax GST 6% - RM 6 Total Paid - RM106 Customer - Sell product - RM200 Input Tax GST 6% - RM12 Total Selling price - RM212 Net Tax Paid / Reimburse Govt. Output tax - Input tax = 6 - 12 = -6 ( Need to paid to Gov) 2.Zero Tax Rate. ( Raw foods, basic needs, Electricity - 300 units per month only- more than that it is GST. Example - company B - Procurement & Sells Department Vendor - Purchase materials - RM100 Output Tax GST 0% - RM 0 Total Paid - RM100 Customer - Sell product - RM200 Input Tax GST 0% - RM 0 Total Selling price - RM200 Net Tax Paid / Reimburse Govt. Output tax - Input tax = 0 - 0 = 0 3.Exempted Tax Rate.(Hospital, Public transportation,financial services,education) Example - Company C - Procurement & Sells Department Vendor - Purchase materials - RM100 Output Tax GST 6% - RM 6 Total Paid - RM106 Customer - Sell product - RM200 Input Tax GST 0% - RM 0 Total Selling price - RM200 Net Tax Paid / Reimburse Govt. Output tax - Input tax = 0 - 6 = -6 ( Need to paid to Gov) Report - GST Tax Format based on GST03 Forms. SAP notes - 1932169 / 2070289 / 2073648 SAP Update - 1.Company code - Information with GST number 2.Customer Master - GST number / Inovice layout 3.Vendor - GST number / Invoice layout 4.GL Account - Update input tax - revenue and output tax expenses. 5.Tax Code Table - Based on APPENDIX 2 – Recommended Tax Codes for Goods and Services Tax from royal Customs. For Input and output 6.GST03 Report - Layout - Should be standard from Applying SAP notes. 7. 2 BADI need to be implemented. 8.GAf files - to submit to auditor The information provided includes company IDs, names, supply and purchases, and general ledger transactions XML files.. Sekian.wasalam.
Posted on: Mon, 13 Oct 2014 03:00:28 +0000
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