DIR Return Create A Forum - Home
---------------------------------------------------------
GST AUDIT FILE
HTML https://mygafcom.createaforum.com
---------------------------------------------------------
*****************************************************
DIR Return to: General Discussion
*****************************************************
#Post#: 17--------------------------------------------------
New Tax Code
By: thila Date: July 9, 2017, 8:28 pm
---------------------------------------------------------
Dear Admin,
May I know when I can use the new tax code
An example : TX-NC
Regards,
#Post#: 18--------------------------------------------------
Re: New Tax Code
By: NSelvam Date: July 9, 2017, 8:33 pm
---------------------------------------------------------
You can start using the new GST Tax Codes immediately (GST Guide
dated Aug 2016 & Mar 2017)
Our advice is to use them from a new Taxable Period
#Post#: 36--------------------------------------------------
Re: New Tax Code
By: PLVGST Date: July 10, 2017, 6:15 am
---------------------------------------------------------
Hi,
Can I opt not to use TX-NC in accounting entry? Previously for
those GST not blocked but not claimable, I practice the
following entry:-
Debit Expenses (no tax code)
Debit GST expense - non-block (no tax code)
Credit Supplier
I suppose there is no issue being the difference in tax code
only, since I am still keying it through P module.
#Post#: 37--------------------------------------------------
Re: New Tax Code
By: NSelvam Date: July 10, 2017, 8:13 am
---------------------------------------------------------
Tax Code: BL
This refers to GST incurred by a business but GST registered
trader is not allowed to claim input tax incurred as prescribe
in Regulation 36 Disallowance of Input Tax, GST Regulations
2014.
Tax Code: TX-NC
This refer GST paid on a purchase and the company choose not to
claim the input tax incurred.
Depending on your Accounting Software
---------------------------------------------
Some Accounting Software allows Users to assign different GST
Expense Accounts for BL and TX-NC to facilitate audit by IRB but
some companies still prefer to use only BL for all GST Expenses
and if there is an audit query, they will be able to do further
analysis using their GL
#Post#: 38--------------------------------------------------
Re: New Tax Code
By: kvmrt-ug Date: July 10, 2017, 6:14 pm
---------------------------------------------------------
I have a supplier who is GST registered but issued me a cash
bill on a recent purchase of RM3,500.00 and they are refused to
issue us a Tax Invoice, can I recorded it under TX-NC? or NR ;D
;D
#Post#: 40--------------------------------------------------
Re: New Tax Code
By: NSelvam Date: July 10, 2017, 7:34 pm
---------------------------------------------------------
Rejecting the Invoice would be the best option but there are
companies I know who accept the Cash Bill and assign Tax Code
TX-NC
These documents would appear in GAF and the authorities will get
hold of this
#Post#: 45--------------------------------------------------
Re: New Tax Code
By: PLVGST Date: July 10, 2017, 10:39 pm
---------------------------------------------------------
[quote author=NSelvam link=topic=8.msg37#msg37 date=1499692398]
Tax Code: BL
This refers to GST incurred by a business but GST registered
trader is not allowed to claim input tax incurred as prescribe
in Regulation 36 Disallowance of Input Tax, GST Regulations
2014.
Tax Code: TX-NC
This refer GST paid on a purchase and the company choose not to
claim the input tax incurred.
Depending on your Accounting Software
---------------------------------------------
Some Accounting Software allows Users to assign different GST
Expense Accounts for BL and TX-NC to facilitate audit by IRB but
some companies still prefer to use only BL for all GST Expenses
and if there is an audit query, they will be able to do further
analysis using their GL
[/quote]
Can it be argued that TX-NC is not included within the Appendix
3 in the Guide on accounting software (02 Mar 2017), so I have
no obligation to practice such a tax code within my system or it
is a must-used tax code?
#Post#: 46--------------------------------------------------
Re: New Tax Code
By: NSelvam Date: July 10, 2017, 11:23 pm
---------------------------------------------------------
(a) GST Tax Code for Purchase
Tax Code: TX-NC : 6% : GST incurred and choose not to claim the
input tax.
Listed on Page 16 on the GST Software Guide dated 2nd March 2017
Tax Code: TX-NC
This refer GST paid on a purchase and the company choose not to
claim the input tax incurred. Any transaction using this code
will not be declared in field 6a & 6b of GST-03 return. For
example, the company choose not to claim 10 parking invoices and
attain it as a company expenses.
*****************************************************