accounting for gst - universiti malaysia sabah accounting for gst.pdf · accounting software manual...
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UMS20MAR2015
MOHDROZLANMOHAMEDALIPengarahUnitTeknikalGSTPersatuanAkauntanPercukaianMalaysia(M.A.T.A.)
ACCOUNTING & FILING
TYPES OF SUPPLY TIME OF SUPPLY CHARGING OUTPUT TAX INPUT TAX CLAIM ADJUSTMENT FILING OF RETURN RECORD KEEPING
AGENDA AGENDA
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TYPE OF SUPPLY
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TYPE OF SUPPLY (GOODS OR SERVICES) TYPE OF SUPPLY (GOODS OR SERVICES)
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6%
0%
GST
GST
Standard Rated Supply
Zero Rated Supply
Exempt Supply
Out of Scope
TAXABLE SUPPLY
NON‐ TAXABLE SUPPLY
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STANDARD RATE (6%) • 73100 – Tender Document • 73200 – Disposal • 74000 ‐ Rental
TYPES OF SUPPLY TYPES OF SUPPLY
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EXEMPT • 71000 – Tuition Fees • 72000 ‐ Poliklinik • 75000 – Return on Investment
TYPES OF SUPPLY TYPES OF SUPPLY
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OUT OF SCOPE • 78000 – Fine & Penalties
TYPES OF SUPPLY TYPES OF SUPPLY
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RELIEF SUPPLY (Directly used for Education Purposes) • 30000 – Equipment • 27000 ‐ Materials
TYPES OF ACQUISITION TYPES OF ACQUISITION
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TIME OF SUPPLY
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Time of supply determines when a taxable person should account for GST either at: Basic Tax Point; or Actual Tax Point
Basic Tax Point
When goods are removed; or When goods are made available; or When services are performed
BASIC ELEMENTS OF GST TIME OF SUPPLY BASIC ELEMENTS OF GST TIME OF SUPPLY
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GST ADVANTAGES (CONTD.) GST ADVANTAGES (CONTD.)
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TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT
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Goods are removed; or Goods are made available; or Services are performed
Basic Tax Point
Before After
Payment is received ; or Invoice is issued
Invoice is issued
Before: Time of supply is recognized if the payment is received or invoice is issued, whichever is earlier During Basic Tax Point: Time of supply is recognized if invoice is not issued after 21 days from this point After: Time of supply recognized if invoiced is issued within 21 days after basic tax point
Copyright 2013 SALIHIN. All rights reserved
TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT (CONTD.) TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT (CONTD.)
Situation 1:
20/08/15 01/05/15 09/09/15 10/10/15
Order Payment Invoice Basic Tax Point
Situation 2:
20/08/15 01/05/15 09/09/15 10/10/15
Order Invoice Payment Basic Tax Point
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Copyright 2013 SALIHIN. All rights reserved 13
Situation 3:
20/08/15 09/09/15
Basic Tax Point
Situation 4:
20/08/15 01/05/15 09/09/15
Order Invoice Basic Tax Point
Order
‘21 days’ Rule
TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT (CONTD.) TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT (CONTD.)
Copyright 2013 SALIHIN. All rights reserved
Events before and after BTP and 21 days rule
PAYMENT / PREPAYMENT RECEIVED
TAX INVOICE ISSUED
TAX INVOICE ISSUED
BASIC TAX
POINT
EVENTS BEFORE EVENTS AFTER
21 DAYS RULE
PAYMENT RECEIVED
Even though
payment is received before tax invoice is issued, it does not alter the tax point
TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT (CONTD.) TIME OF SUPPLY EVENT RELATED TO BASIC TAX POINT (CONTD.)
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CHARGING OUTPUT TAX
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Taxable supplies o Full Tax Invoice o Simplified Tax Invoice
GST charged on :
OUTPUT TAX SCOPE AND CHARGE OUTPUT TAX SCOPE AND CHARGE
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Tax Invoice
Electronic Hard Copy
Must be issued within 21 days
Full Simplified Self‐billed (Full or Simplified)
Pre‐determined format
If amount payable including GST
lower than RM 500
• Price is unknown by supplier during transaction
• Recipient and supplier are both registered
• Supplier agreed no tax invoice will be issued by him
• A copy of tax invoice should be provided to supplier
• UPON DG’s APPROVAL!
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GST TAX INVOICE DIAGRAM GST TAX INVOICE DIAGRAM
No. Items Full Tax Invoice
Simplified Tax Invoice
1 The words “tax invoice” in a prominent place
2 Serially tax invoice number
3 Date of issuance of the invoice
4 Name, address and identification number of the supplier
5 Name and address of the person to whom the goods or services are supplied
6 A description sufficient to identify the goods or services supplied
7 For each description, the quantity of the goods or the extent of the services and the amount payable, excluding tax
8 Any discount offered
9 The total amount payable excluding tax, the rate of tax and the total tax chargeable shown as a separate amount
10 The total amount payable including the total tax chargeable
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GST TAX INVOICE ITEMS GST TAX INVOICE ITEMS
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GST TAX INVOICE FULL TAX INVOICE ‐ SAMPLE GST TAX INVOICE FULL TAX INVOICE ‐ SAMPLE
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GST TAX INVOICE FULL TAX INVOICE – SAMPLE (RELIEF ORDER) GST TAX INVOICE FULL TAX INVOICE – SAMPLE (RELIEF ORDER)
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What if user lost/the tax invoice? request for replacement copy marked as “COPY ONLY” or “DUPLICATE”
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GST TAX INVOICE LOST/MISPLACED TAX INVOICE ‐ SAMPLE GST TAX INVOICE LOST/MISPLACED TAX INVOICE ‐ SAMPLE
Invoice in Foreign Currency
Particulars in foreign currency need to be converted into RM using the open market rate of exchange for GST purposes included: Amount payable before GST Total GST chargeable Total amount payable In the case of importation, taxable person can use the exchange rate published by Customs
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GST TAX INVOICE FOREIGN CURRENCY GST TAX INVOICE FOREIGN CURRENCY
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Taxable supplies o Full Tax Invoice o Simplified Tax Invoice
Deemed supplies o Disposal of business assets o Private use of business asset o Imported services o Good sold in satisfactory of a debt o Payment not paid to taxable person for purchases made
after 6 month o Gift costing more than RM500
GST charged on :
OUTPUT TAX SCOPE AND CHARGE OUTPUT TAX SCOPE AND CHARGE
INPUT TAX CLAIM
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Entitlement to claim input tax
Input tax has been incurred Input tax is allowable
Taxable person Goods or services acquired in the furtherance of
business
Goods and services made in Malaysia or supply made outside Malaysia which would taxable supply if made
in Malaysia
INPUT TAX CREDIT ENTITLEMENT TO CLAIM INPUT TAX INPUT TAX CREDIT ENTITLEMENT TO CLAIM INPUT TAX
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To be able for claiming Input Tax, taxable person MUST hold valid documents; Tax Invoice Custom No. 1 ‐ Imported Goods Custom No. 9 ‐ Goods removed from bonded warehouse Documents on imported services
INPUT TAX CREDIT CLAIMING INPUT TAX INPUT TAX CREDIT CLAIMING INPUT TAX
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GST TAX INVOICE FULL TAX INVOICE ‐ SAMPLE GST TAX INVOICE FULL TAX INVOICE ‐ SAMPLE
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GST TAX INVOICE MIXED SUPPLIES TAX INVOICE – SAMPLE 1 GST TAX INVOICE MIXED SUPPLIES TAX INVOICE – SAMPLE 1
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GST TAX INVOICE MIXED SUPPLIES TAX INVOICE ‐ SAMPLE 2 GST TAX INVOICE MIXED SUPPLIES TAX INVOICE – SAMPLE 2 GST TAX INVOICE MIXED SUPPLIES TAX INVOICE – SAMPLE 2
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GST TAX INVOICE SIMPLIFIED TAX INVOICE – SAMPLE GST TAX INVOICE SIMPLIFIED TAX INVOICE – SAMPLE
MYDIN SUPERSTORE SDN BHD
TAMAN SERI PRTALING TEL: 03 – 88964830 FAX: 03 – 8964831 GST ID No : 000156972518 Date: 30/3/2016 15:35:45
Invoice No: V001619
BISCUITS PNKL [PACK] 1 3.90 3.90 S 010611 PRINGLES SC 182G [PCS] 1 6.90 6.90 S 001002 SUGAR 2 1.45 2.90 Z 123235 Item Count 4 Total Sales Inclusive GST @ 6% 13.70 Rounding Adjustment 0.00 Cash 14.00 Balance 0.30 GST summary Amount (RM) Tax (RM) S = 6% 10.19 0.61 Z = 0% 2.90 0.00 Print : 30/3/2016 Salesperson : Amin
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GST TAX INVOICE SIMPLIFIED TAX INVOICE – SAMPLE GST TAX INVOICE SIMPLIFIED TAX INVOICE – SAMPLE
MYDIN SUPERSTORE SDN BHD
TAMAN SERI PETALING TEL: 03 – 88964830 FAX: 03 – 8964831 GST ID No : 000156972518 Date: 30/3/2016 15:37:25
Invoice No: V001620
DOUBLE A 80GM A4 20 15.00 300.00 S 010611 DOUBLE A 80GM A3 5 28.00 140.00 S 001002 ARCH HARDCOVER FILE 20 9.90 198.00 S 123235 Item Count 3 Total Sales Inclusive GST @ 6% 638.00 Rounding Adjustment 0.00 Cash 650.00 Balance 12.00 GST summary Amount (RM) Tax (RM) S = 6% 638.00 36.11 Z = 0% 0.00 0.00 Print : 30/3/2016 Salesperson : Amin
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To be able for claiming Input Tax, taxable person MUST hold valid documents; Tax Invoice Custom No. 1 ‐ Imported Goods Custom No. 9 ‐ Goods removed from bonded warehouse Documents on imported services
INPUT TAX CREDIT CLAIMING INPUT TAX INPUT TAX CREDIT CLAIMING INPUT TAX
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GST TAX INVOICE CUSTOM FORM NO.1 – SAMPLE GST TAX INVOICE CUSTOM FORM NO.1 – SAMPLE
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Input tax can be claimed on supplies bought or received regardless if the supplies: Paid on credit Cannot be sold through the taxable period (no matching of input‐ output)
Claim can be made within the period of 6 years from the date GST return is made
INPUT TAX CREDIT CLAIMING INPUT TAX (CONTD.) INPUT TAX CREDIT CLAIMING INPUT TAX (CONTD.)
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Blocked supplies: Passenger motor cars including hiring of car Family benefits Club subscription fee Medical and personal accident insurance Medical expenses Entertainment expenses for family members and potential clients
INPUT TAX CREDIT BLOCKED INPUT TAX INPUT TAX CREDIT BLOCKED INPUT TAX
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INPUT TAX INPUT TAX
OUTPUT TAX OUTPUT TAX
NET TAXABLE
PAYABLE REDEEMABLE
(‐) Less
(=) Equals
Positive Amount
Negative Amount
Input Tax claimable = INPUT TAX CREDIT
INPUT TAX CREDIT CLAIMING INPUT TAX INPUT TAX CREDIT CLAIMING INPUT TAX
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Every taxable person will be assigned a taxable period which will end on the last day of the month of any calendar year unless a varied taxable period has been assigned e.g. end on 31st January, 28th February, 31st March, ……. The category of a taxable period will depend on the amount of annual sales
Category Taxable Supply Taxable Period
A RM 5 million and above Monthly
B Less than RM 5 million Quarterly
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GST TAX RETURN PERIOD GST TAX RETURN PERIOD
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GST returns and payment must be submitted not later than the last day of the following month of the taxable period
Electronic filing is encouraged
GST TAX RETURN PERIOD FILING TAX RETURN GST TAX RETURN PERIOD FILING TAX RETURN
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When to submit GST return 1) Monthly taxable period
Last date of submission :
DEC FEB JAN MAC
31 Jan 28 Feb 31 Mac
Submission Date
GST TAX RETURN PERIOD MONTHLY TAXABLE PERIOD GST TAX RETURN PERIOD MONTHLY TAXABLE PERIOD
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When to submit GST return 2) Quarterly taxable period
Last date of submission :
FEB JAN MAC
January ‐ March April ‐ June
30 April
APR MAY JUN
31 July
Submission Date
JUL
GST TAX RETURN PERIOD QUARTERLY TAXABLE PERIOD GST TAX RETURN PERIOD QUARTERLY TAXABLE PERIOD
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RECORD KEEPING
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The records MUST be: in Bahasa Malaysia or English Language kept in possession for a period not less than 7 years made available upon request readily accessible and convertible into writing if it is electronic records
*Section 36
RECORD KEEPING LIABILITY TO KEEP RECORDS RECORD KEEPING LIABILITY TO KEEP RECORDS
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Business Entity Records
Business Transactions Records
Accounting Records (Hard Copy)
Taxation Records
Electronic
SSM Records – Form A, B, C, 8, 9, 24, 49 and etc.
Tax Invoices, invoices, receipts Debit note, credit note Delivery order, purchase order
Bank statement, slip, voucher etc Contract, agreement
Financial statement Account payable, receivable, GL, fixed asset register and etc
Custom forms – K1, K2 and etc Inland revenue declaration forms GST adjustment working sheet
GST – GST returns, payment slips and receipts
Accounting software manual Audit trail .GAF file
Others
RECORDS KEEPING TYPES OF BUSINESS RECORDS RECORDS KEEPING TYPES OF BUSINESS RECORDS
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“Any person, who contravenes Sec. 36, commits an offence and shall, on conviction, be liable to a fine not exceeding RM 50,000
or imprisonment for a term not exceed 3 years; or both”
RECORDS KEEPING FAIL TO KEEP RECORDS RECORDS KEEPING FAIL TO KEEP RECORDS