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#Post#: 91--------------------------------------------------
GST CONTROL ACCOUNT
By: Hasif_Yusof Date: July 17, 2017, 8:53 pm
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My company have GST Control Account but we still not fully
understand how its work.
Can someone explain to me,
1) How this account related to Input and Output tax?
2) How does this account function when company received
claimable GST or make GST payment?
Thank you.
#Post#: 96--------------------------------------------------
Re: GST CONTROL ACCOUNT
By: NSelvam Date: July 18, 2017, 5:13 am
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Based on my past experience, accounting polices vary from
company to company and many accounting software has its own
share of constraints
I have seen Accounting Software that has only 1 GL Code
allocated for GST Input & GST Output and there is no GST Control
Account.
Typically there should be at least 3 Accounts for GST.
GST Output for Supply, GST Input for Purchase and GST Control.
GST Control is the net of GST Purchase and GST Supply and should
equal 6b or 5b in your GST03 reporting
At the end of the Tax Reporting Period (example Month End)
----------------------------------------------------------------
---
Pass these Journals in GL
Dr GST Output & Cr GST Control
Dr GST Control & Cr GST Input
GST Control will now have either a Net Debit or Net Credit
If Net Credit (5b) and you pay KASTAM
Dr GST Control & Cr Bank
GST Control will then be 0
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