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       #Post#: 146--------------------------------------------------
       Forex Gain in Accounting System
       By: Samy Date: July 25, 2017, 12:11 am
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       Can I ask a question
       Company got oversea customers and suppliers.
       Some months Forex Gain some months Forex Loss
       As per the GST software guide companies need to report net
       realised forex gain (IES)
       This company never reported Forex Gain until today.
       Please advice what should they do?
       #Post#: 148--------------------------------------------------
       Re: Forex Gain in Accounting System
       By: NSelvam Date: July 25, 2017, 9:17 am
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       Extracted from the GST Software Guide
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       Furnishing GST-03 Return
       It is compulsory for wholly taxable supplier and mixed supplier
       to declare the total amount of incidental exempt supplies (Tax
       code: IES) in Field 12 of the GST-03 return?
       Yes. As prescribed in this guide, incidental exempt supplies or
       ‘IES’ such as foreign exchange gain, fixed deposit interest
       shall be declare in Field 12: Total Value of exempt supplies in
       the GST-03 return. For example, if the forex amount is net gain,
       then the value must be declared in Field 12 of GST-03 return. If
       the forex amount is net loss, then you are not required to
       declare it in Field 12 of GST-03 return.
       I met a Company with a similar situation during my GAF hands-on
       training
       This is what they did
       They contacted KASTAM & notified them of this genuine mistake
       When they attended many of the GST events, they were told there
       is no requirement to report Net Realized Forex Gain as this is a
       Ledger Transaction
       After getting approval,
       They then amended the GST03 Returns in TAP from April 2015 to
       December 2016
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