Procedure to create new or modify existing GST Tax Code in Biztrak

Transcription

1 Procedure to create new or modify existing GST in Biztrak On 20 th Jul 2016, Royal Malaysian Customs has revised Accounting Software Guide with immediately effect. New and replacement of GST s have been introduced and stated in the revised guideline Guide on Accounting Software Enhancement Towards GST Compliance. It can be downloaded at: v2a.pdf Recommended additional tax code listings for Purchase and Supply New GST for Purchase 1 TX-FRS 2% Purchase under Flat Scheme. 6a, 6b 6a & 6b : Input 2 TX-NC 6% 3 TX-ER 6% 4 IM-CG 6% GST incurred and chosen not to claim the input tax. Input tax allowed on the acquisition of goods or services by local authority or statutory body. Import of goods with GST incurred for a capital goods acquisition. 5 IM-RE 6% Import of goods with GST incurred that is not directly attributable to taxable or exempt supplies (Residual input tax). Relief Purchase under GST legislations. 6 RP 0% (e.g: purchase of RON 95 pe- trol & Diesel) New GST for Sales 1 SR-MS 6% 2 SR-JS 0% 3 ES-GU 0% Standard-rated supplies under Margin Scheme Standard-rated supplies under Jeweller Scheme Exempt supplies of land for general use (Land used for burial, playground or religious building). 6a, 6b 6a & 6b : Input 6a, 6b, 16 6a, 6b 5a, 5b 5a, 5b 6a & 6b : Input 16: Value excluding tax 6a: Total/full amount 6b: GST claimable amount only 5a & 5b: Value of GST is on margin only 5a: Total/full amount 5b: Nil / 0 Ref: Page 1 of 12

2 4 OS-ER 0% 5 OS-OV 0% 6 OS-OVN 0% 7 OS-OVT 0% 8 NS 0% 9 ZDA 0% Out-of-scope supplies for Enforcement and Regulatory functions. Out-of-scope supplies between overseas country with other overseas country. Supplies made outside Malaysia which would not taxable if made in Malaysia. Supplies made outside Malaysia which would be taxable if made in Malaysia. Matters to be treated as neither a supply of goods nor a supply of services, and no GST chargeable. Exportation of goods from Malaysia to Designated Area (Pulau Langkawi, Labuan, & Pulau Tioman) which are subject to zero rated supplies. (By referring Customs Form. 2 (K2), and/or other reference documents) 10 10:Total Value of Zero-rated Supplies Replacement of existing GST for Purchase and Supply New GST for Purchase 1 TX-ES 6% Purchase with GST incurred directly attributable to non-incidental exempt supplies. (te: Replace TX- N43) Purchase with GST incurred directly 2 TX-IES 6% attributable to incidental exempt supplies. (te: Replace TX-E43) New GST for Sales 1 IES 0% Incidental exempt supplies under GST legislations. (te: Replace ES43) 6a, 6b (te: Only include once de minimis Rule is fulfilled) 6a, 6b 6a & 6b : Input 12 12: Total Value of exempt supplies Ref: Page 2 of 12

3 Table of Contents 1. SECTION A: SETTING UP NEW ACCOUNT SECTION B: SETTING UP TAX DETAIL SECTION C: SETTING UP TAX SCHEDULE SECTION D: SETTING UP GST FORM COLUMN FORMULA... 9 Ref: Page 3 of 12

4 1. SECTION A: (OPTIONAL) SETTING UP NEW ACCOUNT The Chart of account provides user to add new account. IF you wish to post new GST with new account code, then you should create new account code beforehand. Steps: i. From the Setup menu, select Chart of Accounts, then click New icon to create new account. ii. User needs to create a new account with the following guideline: Balance Sheet Items Current Asset \ GST for Purchase Current Liabilities \ GST for Supply Income Statement Items Income Statement \ GST expenses account [te: If you wish to post : TX- NC, GST incurred and chosen not to claim the input tax to expenses account.] Ref: Page 4 of 12

5 2. SECTION B: SETTING UP TAX DETAIL You use Detail (in the module) to set up the details of taxes that pertain to your business. After setting up your tax details, you group them into a tax schedule, which you then assign to tax related transactions for tax calculations. Setting up new Detail i. From menu, select Detail. ii. iii. Click on New icon to create new Detail. From Detail Maintenance window s Setup tab, create new GST information as follows: General Information section Enter new code in the field, and follow by the Name. In the Account field, select an account to post the tax amount to. You can use Finder to search for the account. Detail section, Select Type: Based on percent of sales/purchase from the Type dropdown list. Next, select choose any of these options as appropriate - Percentage, Exemption, and Zero-rated. In the field, enter the applicable tax rate. In the able Amt Calculated Based on field, select Full Amount option. Ref: Page 5 of 12

6 iv. Click OK button to save the information. tes: - You can create new Detail for the following replacement if you wish to maintain the history transactions with old. New GST for Purchase Old New 1 TX-N43 TX-ES 6% 2 TX-E43 TX-IES 6% Purchase with GST incurred directly attributable to non-incidental exempt supplies. Purchase with GST incurred directly attributable to incidental exempt supplies. New GST for Sales Old New 1 ES43 IES 0% Incidental exempt supplies under GST legislations. Modify the existing Detail v. If you wish to replace existing old with new without keeping track of history transactions with old, then double click the existing Detail from Detail Maintenance. vi. From Ta Detail Maintenance window s Setup tab, modify GST information as follows: General Information section Enter new code in the field, and follow by the Name. Example: Old : TX-N43 - GST incurred directly attr non incidental Ref: Page 6 of 12

7 New : TX-ES Purchase with GST incurred directly at-tributable to nonincidental exempt supplies vii. Click OK button to save the information. Ref: Page 7 of 12

8 3. SECTION C: SETTING UP TAX SCHEDULE You use Schedule (in the module) to group together tax details under a schedule. Later, you assign the tax schedule to tax related transactions. You set up tax schedules once you've set up the tax details in the Detail program. i. From the menu, select Schedule. ii. iii. iv. Click on New icon to create new Schedule. In the Schedule field, enter a code for the tax schedule. In the Schedule field, type in a description that can help you identify the schedule later. v. To select tax details in the schedule, drag-and-drop the tax detail codes from Remaining Options column to Established Combinations column. vi. Click OK button to save the information. tes: - You need to create new Schedule including of replacement with new Detail as per stated in Section B: Setting Up Detail. Ref: Page 8 of 12

9 4. SECTION D: SETTING UP GST FORM COLUMN FORMULA This section guides you to add new Schedules to GST Form Column Formula if the new GST shall be reflected in report as per stated in Guide on Accounting Software Enhancement Towards GST Compliance. i. From the menu, point to Submission Report GST Form (Malaysia Setup), select GST Form Column Formula. ii. From GST Form Column Formula List maintenance, highlight and double click the existing GST Form Column Formula record. Click New icon to select new Schedule. Example: C6a Column 6a Formula iii. Tick on the respect Schedule, and click OK button. Ref: Page 9 of 12

10 iv. Continue with other new GST in GST Form Column Formula. The related shall include: New GST for Purchase 1 TX-FRS 2% Purchase under Flat Scheme. 6a, 6b 6a & 6b : Input 2 TX-ER 6% 3 IM-CG 6% 4 IM-RE 6% New GST for Sales 1 SR-MS 6% Input tax allowed on the acquisition of goods or services by local authority or statutory body. Import of goods with GST incurred for a capital goods acquisition. Import of goods with GST incurred that is not directly attributable to taxable or exempt supplies (Residual input tax). Standard-rated supplies under Margin Scheme 6a, 6b 6a & 6b : Input 6a, 6b, 16 6a, 6b 5a, 5b 6a & 6b : Input 16: Value excluding tax 6a: Total/full amount 6b: GST claimable amount only 5a & 5b: Value of GST is on margin only Ref: Page 10 of 12

11 2 SR-JS 0% 3 ZDA 0% Standard-rated supplies under Jeweller Scheme Exportation of goods from Malaysia to Designated Area (Pulau Langkawi, Labuan, & Pulau Tioman) which are subject to zero rated supplies. (By referring Customs Form. 2 (K2), and/or other reference documents) 5a, 5b 10 5a: Total/full amount 5b: Nil / 0 10:Total Value of Zero-rated Supplies Replacement of existing GST for Purchase and Supply New GST for Purchase 1 TX-ES 6% Purchase with GST incurred directly attributable to non-incidental exempt supplies. (te: Replace TX- N43) Purchase with GST incurred directly 2 TX-IES 6% attributable to incidental exempt supplies. (te: Replace TX-E43) New GST for Sales 1 IES 0% Incidental exempt supplies under GST legislations. (te: Replace ES43) 6a, 6b (te: Only include once de minimis Rule is fulfilled) 6a, 6b 6a & 6b : Input 12 12: Total Value of exempt supplies te: - You should include ALL new GST s in CPTC - Clearing Posting s formula except TX-NC as this particular is GST incurred and chosen not to claim the input tax. This formula is tagged in Admin menu, System Parameter Ref: Page 11 of 12

12 Ref: Page 12 of 12