common mistakes during preparation of GST return.

Dear All Friends,

I would like to share the common mistakes during preparation of GST return.

1. Forget to include the interest income in Box 12, please use tax code ES43....
2. Forget to include the gain or loss on foreign exchange into Box 12, please use tax code ES43.
3. Wrongly used the tax code for ZRL for sales on March 2015 but issue invoice on April 2015. No tax code for this transaction.
4. Didn't assign any MSIC codes in the chart of account lead to no breakdown of output tax at Box 19.
5. For imported goods, only input tax disclose in Box 6b but value of input not in Box 6a.
6. Didn't put tax code of some of the taxable supply (income)
7. Didn't account GST on disposal of Passenger Car/Fixed Assets
8. Wrongly used tax code ES and ZRL for Disbursement, suppose to use OS
9. Used AJP as the Tax code for Credit Note, suppose to use SR (follow back the "Tax Invoice Issued")
10. Purchase of fixed asset didn't disclose in box 16.

and today I received many calls from my clients on the Question about the TAP show the statement of " This amount does not follow the standard GST rate and will to be reviewed by Customs Officer" for the 5b (output tax) and 6b (input tax) due to few cents different. They are so worry about this because customs officer will review the GST return.

I had spoken to some customs officer, they say is acceptable by different few cents such as the IBG charges, RM0.10 and GST is RM0.01, (effective GST rate is 10%) and some of your suppliers is using different accounting software and POS system that may have different rounding figure on GST amount.

So, my advise is to confirm whether the differences are due to the rounding different. If yes, remain the same figure according to your software. You no need to worry, just show the documents to customs if they ask for it.

Reminder: Your due date for April submission of the GST return is on 1st Jun 2015.