As preparing final GST-03 return, there is a need to declare the final stock and fixed asset amount (Stock in Hand that was purchased as part of Claimable Standard Taxable Purchase and also Net Book Value of Fixed Asset that purchased under claimable Taxable Purchase Capital good)* as Deemed supplies. As a result of this , GST-03 Field 5(a) value will be increased.
Example
- Final Stock Amount at 31st Aug 2018 = RM 10000
- G/L for Stock is 1200/0000
- Tax Code will be used is DS-0% (as GST value is 0%) - make sure you have created this tax code in Tax Code
In order to record this transaction so that it shows up in the Tax report and also the GST-03
1. Use Sales Journal
- Debit and Credit using the same account
- Only on the Credit side, use the DS-0%
2. Click on the GST Details for the 2nd line (Credit side) with tax code DS-0%
In the GST Details,
- Make sure the date is 31st Aug 2018
- The Taxable amount should be 10,000 (Final Stock Amount)
- Once done, save and post this sales journal
3. Check the Tax Report and GST-03
