User Manual GST Standard-Rated 6% to 0%

Transcription

1 User Manual GST Standard-Rated 6% to 0% [Delphi Version] [1.0] Roseanne Lee [23/5/2018]

2 Doc No : 1 Page No: 1 of 10 REV. No Nature of Change Prepared By Prepared Date Reviewed & Approved by 1.0 Article Created Roseanne Lee 23/5/ Article Amend Siti 25/05/2018 Amendment Record 1

3 Doc No : 1 Page No: 2 of 10 SCENARIO All supplies of goods and services which are now subject to GST at standard-rated 6% will becomes 0% effective on 01 June 2018 An exempt supply of goods or services will still remain exempt. It does not change Registered person is still required to submit GST-03 until further notice. Sales & Purchase of goods / services at 0% from 01 June 2018 is to be declared in column 5a & 6a respectively. Question: How do I preset Standard-Rated as 0% in QNE Software? SOLUTION "This Guide is for Business with Wholly-Taxable Supply" Only and do not support for K1 entry. This Guide is not a permanent solution, after this manual configuration, you are still required to update to the latest version to ensure your version is still GST Compliant. " Recommended Solution 1: Software Upgrading to the latest version according to the GST changes It is advisable to update to the latest version, with the latest version, we will update some settings automatically and lessen the risk that might affect the previous transactions before 1st June We will ensure that transactions previously posted won't be affected by the new tax rate 0%, whether it is due to human error or not. Please contact your dealers / supports to download the latest version from QNE website for the upgrading Alternative Solution 2: Manual update GST Tax code from Standard-Rated 6% to 0% It is possible for users to update the changes manually and change the rate to 0%. Users can do the changes manually but the risk is high. It is strongly advisable to update to the latest version. If you still didn t get the update on 31/05/2018, users are advised to do this manual update by themselves after the working hours of 31/05/2018. If you need to resave or redo back-dated transaction before 1/6/2018, you are required to change the tax code MANUALLY according to GST rules before 1/6/2018 Note: This solution does not support K1 entry, it is required to update to the latest version Anyway, after the manual update, once you get the latest version update, you are still advised to upgrade to the latest version even after you have finished the manual setting. This is to prevent the previous transactions to be affected 2

4 Doc No : 1 Page No: 3 of 10 The following steps are the guidelines for alternative solution 2 Manual Update GST Tax code from 6% to 0% 1. In GST Module GST Code 2. The GST Code table is shown for update. Key-in (1) Tax code as SR-0% (2) Define as Output Tax (3) Select Standard-rated supplies with GST charged (4) Default GST Rate (%) set as 0 (5) Update GST Posting Account as GST Output Tax. Note: Due to different user will have different GL account code for step 5, you just need to choose GST Output Tax according to your chart of account. (6) Ticked as Default (7) Save 3

5 3. Repeat steps 1 again to create Taxable Supplies : Doc No : 1 Page No: 4 of 10 (1) Tax code as TX-0% (2) Define as Input Tax (3) Select Purchase with GST incurred at 6% and directly attributable to taxable supplies (Just ignore 6% word as it already there in this current setting) (4) Default GST Rate (%) set as 0 (5) Update GST Posting Account as GST Input Tax. Note: Due to different user will have different GL account code for step 5, you just need to choose GST Input Tax according to your chart of account. (6) Ticked as Default (7) Save 4

6 4. GST GST Setting Defaults Move Tax Code Maintenance to the top Doc No : 1 Page No: 5 of Go back to Dates / Presets tab Update (Save) 5

7 Doc No : 1 Page No: 6 of For any standard-rate item selected, system will show as SR-0% in Output Tax transaction Sample in Sales Invoice Tax invoices need to be issued and without GST Amount 6

8 Doc No : 1 Page No: 7 of For any standard-rate item selected, system will show as TX-0% in Input Tax transaction Sample Transaction in Purchase Invoice In Purchase Invoice format, it will not display amount in the tax column 7

9 Doc No : 1 Page No: 8 of GST registered person are still required to submit GST-03. When you generate Tax Return from 1/6/2018, the taxable amount will display taxable amount in item 5a & 6a and there is no GST output tax for 5b & 6b Result when preview GST 03 report Note: This solution (Manual configuration) does not support K1 entry, it is still required to update to the latest version. 8

10 Doc No : 1 Page No: 9 of 10 Question - 1 Q: I have sold goods and have issued a tax invoice on 01 May The item was returned by the buyer on 30 June Should credit note be issued at a standard rate of 6% or a standard rate of 0%? A: Credit note should be issued at 6% because it relates to a tax invoice that was issued on 01 May QNE Software: Change Tax Code to SR in the Transaction When you create an invoice after 1/6/2018, the item you selected will automatically show tax code SR-0%, but you still can click on the 3 dot button in the GST Tax Code column and select for tax code SR Question -2 Q: The company has supplied goods / services before 01 June Tax invoices will be issued within 21 days from the date of supply of goods / services performed. What is the GST treatment applicable to the supply? A: GST should be charged at 6%. QNE Software: DO with GST SR 6% Transfer to Tax Invoice will still Remain as SR 6% if the Delivery order is created before June 2018 with Standard-Rated 6% (Tax Code SR) 9

11 Doc No : 1 Page No: 10 of 10 When you transfer Delivery Order to Invoice on 1/6/2018 onward, system will still remain the tax code as SR, 10