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Product Updates 410, 409 and 408: Goods and services tax (GST) return reporting functionality introduced (Malaysian legislation)

The VAT return, better known as GST return in Malaysia begins April 1, 2015. This requires businesses with an annual sales turnover exceeding RM500,000 to be registered for the GST.

The GST is chargeable on the value or selling price of the supplies. The taxable amount is computed by deducting input tax from output tax in the GST return. Any remaining balance yielding to underpayment or overpayment due in the taxable period is required to be remitted to or refunded by the tax authorities. For more information on GST in Malaysia, see Malaysia Goods & Services Tax (GST) at http://gst.customs.gov.my/en/Pages/default.aspx.

Hence, several adjustments have been made to realign the existing VAT return reporting functionality to comply with the latest Malaysian tax regulations.

New VAT boxes introduced for GST return

New VAT boxes have been added to the VAT return boxes screen to collect information relevant to sales (boxes 5A, 10, 11, 12, 13, and 18), purchases (boxes 6A, 14, 16, and 17), VAT to pay (box 5B), and VAT to claim (boxes 6B and 15).

You can access the VAT return boxes screen from the VAT boxes tab in the VAT codes screen at System ? General ? Countries ? Tax codes. For more information, see Creating and maintaining VAT return boxes.

Changes in Value added tax screen

The Export to file check box and Export directory field added to the Value added tax screen enable you to generate a copy of the final GST return as text file format and store it in the location you have defined at Export directory. The Export directory field will be enabled once you have selected the Export to file check box.

These features are applicable only when you generate final GST returns via Finance ? VAT ? Statistics ? Value added tax.

Changes in Value added tax overview screen

You can remove any generated final GST returns by clicking the Delete button that has been added to the Value added tax overview screen.

New GST return layout for year 2015 (Form GST-03)

The new layout reflects the GST requirements on VAT boxes. It is applicable to trial and final GST returns, as shown in the following sample.

GST audit file (GAF) report introduced

The GST audit files can be created easily via the newly added menu path Finance ? VAT/Statistics ? Audit file.

In the Audit file screen, define the date range for the audit file you want to generate. The exported file will be stored in the XML format in the location predefined at Export file.

For more enhancements on GST reporting functionality, see Product Updates 409 and 408: Further enhancements on the Goods and services tax (GST) reporting functionality (Malaysian legislation).

 

     
 Main Category: Support Product Know How  Document Type: Release notes detail
 Category: Release Notes  Security  level: All - 0
 Sub category: Details  Document ID: 26.098.806
 Assortment:  Date: 09-07-2015
 Release: 408  Attachment:
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