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Questions and Answers from training

Questions and Answers from training on June 13, 2016 (Ipoh)

Thank you for your participation for the training held on June 13, 2016.

The following is the question and answer summary for the training on June 13, 2016 (Ipoh).

  1. Late Payment Interest - If it is bearing the nature of penalty, then it is out of scope supply. It can be exempt supply or incidental exempt financial supplies. You may refer to the attached document for supporting facts
  2. Realized Gain and Loss on CPO Headging - Once the hedging contract is settled, the net realized gain and loss shall report incidental exempt financial supplies - ES43
  3. Tie-in Products - The price of free tied-in product, is treated as being included in the price of the principal goods supplies. Therefore it can claim full input tax credit
  4. Bank Transfer via Journal - The transfer shall record into Ledger Structure of GST Audit File.
  5. Wrong Tax Invoice Amendment by Self Created CN - If wrong tax invoice is entered into accounting software, follow the accounting software procedure to reverse the wrong tax invoice. The ultimate objective is the compliance. How to amend it is the feature of the accounting software
  6. Advance Payment - If you receive advance payment, you may follow the steps below:
    1. Create stock service item
    2. Issue tax invoice for advance payment within 30 days
    3. Issue tax invoice for delivery and deduct the advance payment paid
    4. Please read the attachment for this treatment


Please download the PDF document to read the Q&A in details.

Download this file (QA-June132016.pdf)Question and Answer - June 13 2016[Q&A]636 kB

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