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About the Book

Updates on accounting treatments of GST transactions incorporating latest changes in GST Legislations vide Finance Act 2017.

  • Illustration of 38 new, existing or revised recommended tax codes issued by Customs on 2nd March, 2017.
  • Illustration of partial exemption rule & computation of IRR based on new recommended tax codes on 2nd March, 2017.
  • Broaden the write up on accounting adjustments.
  • Broaden the write up on income tax implications of GST transactions.
  • Other updates (please refer to Table of Contents)
  • 215 pages [Note: If you have bought the 1st or 2nd Edition, it is advisable to buy the 4th Edition (updated as at 28th April,2017) as there are many changes after the 1 st & 2nd release which may render certain information contained in the earlier release irrelevant or out of date.]


Table of Contens

1. Introduction


2. An Overview of Malaysia GST

2.1 Scope of GST

2.2 An overview of GST Computation

2.3 Output Tax

2.4 Input Tax

2.5 Prerequisites of Input Tax Credit

2.6 Blocked Input Tax

2.7 Partial Exemption on Mixed Suppliers

2.8 Input Tax on Pre-Registration


3. Understanding GST Codes

3.1 GST Tax Codes

3.2 GST-03 Form

3.3 Mapping of GST Tax Codes to GST-03 Form

3.4 Chart of Accounts - Sample GST Tax Codes


4. Accounting for Output Tax (Goods)

4.1 Invoicing Format

4.2.1 Cash Sales

4.2.2 Credit Sales

4.3 Sales Discount

4.4 Sales Return

4.5 Prompt Payment Discount

4.6 Sales of Immovable Goods

4.7 Supply to Government / Local Authority & Statutory Bodies

4.8 Inter-companies transaction (under group registration)

4.9 Out of Scope Sales

4.10 Indcidental Exempt Supply

4.11 Trade-In Sales

4.12 Redemption of Monetary Voucher

4.13 Redemption of Discount Voucher

4.14 Consignment Sales

4.15 Margin Scheme


5. Accounting for Output Tax (Services)

5.1 Construction Services

5.2 Progressive Claim 

5.3 Hotel Room Charges

5.4 Management & Other Professional Fees

5.5 Servicing Charges

5.6 Imported Services


6. 21 Days Rule

6.1 On Delivery of Goods

6.2 On Deposit Received

6.3 On Contract Fee Received with Certificate of Work Done


7. Deemed Supply


8. Accounting for Input Tax (Goods)

8.1 Purchase (Acquisition)

8.2 Purchase Discount

8.3 Purchase Return

8.4 Prompt Payment Discount

8.5 Other Purchases

8.6 Imported Goods

8.7 Acquisition of Passenger Cars

8.8 Acquisition of Capital Goods

8.9 Acquisition of Capital Goods under Hire Purchase


9. Input Tax on Expenses & Overheads

9.1 Full Tax Invoice vs Simplified Tax Invoice

9.2 Payment of Salary & Related Expenses

9.3 Payment of Interest

9.4 Payment for Items under Blocked Input Tax

9.5 Payment for Entertainment Expenses

9.6 Disbursements

9.7 Reimbursements

9.8 Applicablity of Debit Note & Credit Note


10. Accounting for Input Tax & Output Tax Adjustments

10.1 Bad debts relief & Bad debts Recovery

10.2 Payment not made within 6 months of acquisition & Payment made after 6 months of acquisition

10.3 Annual Adjustments

10.4 Capital Goods Adjustments

10.5 Adjustments in relation to transitional period

10.6 Adjustments in relation to change in accounting basis

10.7 Adjustments in relation to change in use

10.8 Adjustment due to deemed input tax to cash payment made in a promotional scheme

10.9 Adjustmnet due to deemed input tax relating to insurance & takaful cash payment

10.10 Mapping of Output Tax Adjustment (AJS) & Input Tax Adjustment (AJP) in GST-03 Return


11. GST Computation at end of each taxable period

11.1 Bad debts Relief Process

11.2 Bad debts Recovery Report

11.3 Payment not made within 6 months of acquisitions

11.4 Payment mad after 6 months Report

11.5 21 Days Rule on Delivery Order Process

11.6 21 Days Rule on Deposit Received

11.7 Deemed Supply Entry

11.8 Output Tax on Margin Scheme Entry & Process

11.9 Preview of GST-03 Computation before submission

11.10 Generation of GST-03 Form

11.11 On-line submission of GST-03 Return Form (TAP File)

11.12 GST Audit File (GAF)


12. Sample GST Summary Reports

12.1 GST Summary Report for Total Supply & Output Tax

12.2 GST Summary Report for Acquisition & Input Tax

12.3 GST Summary for other Supply

12.4 GST Monthly/Quarterly Input/Output Tax Report

12.5 GST Yearly Input/Output Tax Report

12.6 GST Annual Adjustment Report


13. Accounting Adjustments

13.1 Financial Year End Adjustments

13.2 Negative Balance of Input Tax or Output Tax in GST-03 Return

13.3 Roudning Adjustments

13.4 Goods Written Off


14. Income Tax Implications on GST Transactions

14.1 Section 39(1)(o) - Input Tax deduction not allowed

14.2 Section 39(1)(p) - Output Tax deduction not allowed

14.3 Amendment of Schedule 3 - Capital Allowance

14.4 Amendment of Schedule 7A - Reinvestment Allowance

14.5 Income Tax Implications of Disallowable or Block Input Tax

14.6 Accounting Treatment of Disallowable Input Tax or Blocked Input Tax


15. Penalty on Late Registration and Late Payment of GST


16. Appendices

Appendix A - Explanation of Tax Codes from Custom's Guide

Appendix B - Custom's Guide to Filling GST-03 Form (dated 6.8.2015)

Appendix C - Relief under sec 56(3)(a) of GST Act 2014 on Government Projects

Appendix D - Certificate of Write Off


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Accounting For GST In Malaysia 4th Edition (e-Book)

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