Part 2: Purchase of imported goods and zero-rated purchase
Goods and services purchased from GST registered suppliers which were zero-rated.
P.U.(A) 272 - Goods and Services Tax(Zero Rated Supplies)
http://gst.customs.gov.my/en/rg/SiteAssets/gst_order/pua_20141013_P.U.%20(A)%20272%20-%20Perintah%20CBP%20(Pembekalan%20Berkadar%20Sifar)%202014.pdf
GST must be paid upon clearance of the imported goods at the port.
Next: Purchase of goods under special schemes and blocked input tax.
Previous: Understanding GST Tax Codes - Part 1
Your turn to comment or suggest ..... :)
The materials and information contained here are for general information based on our understanding of the GST position under current GST legislation and the related practice thereof, all of which are subject to change, possibly on a retrospective basis. We are not obligated to update these materials or information should there be any changes in future.
Independent professional advice should be obtained on any GST matters as the consequences / implications may differ depending on facts and circumstances of each case.
ZP
Goods and services purchased from GST registered suppliers which were zero-rated.
P.U.(A) 272 - Goods and Services Tax(Zero Rated Supplies)
http://gst.customs.gov.my/en/rg/SiteAssets/gst_order/pua_20141013_P.U.%20(A)%20272%20-%20Perintah%20CBP%20(Pembekalan%20Berkadar%20Sifar)%202014.pdf
| Description | Dr. | Cr. | Tax Code |
| Expenses - zero rated supplies | Purchases / Expenses | ZP | |
| GST - Input | |||
| Trade Payables |
IM
All goods imported into Malaysia are subject to GST and/or duties. GST is imposed on the value which includes cost, insurance and freight plus any customs duties payable (if any), except for imported goods stored in a licensed warehouse or Free Commercial Zone, or imported under Warehouse Scheme, or under the Approved Trader Scheme.GST must be paid upon clearance of the imported goods at the port.
| Description | Dr. | Cr. | Tax Code |
| Imported purchase | Purchases | ||
| Trade Payable | |||
| Imported purchase - Payment of GST | GST - Input Tax | IM | |
| upon clearance at port | Bank / Cash |
IS
Goods imported under the Approved Trader Scheme (ATS) and Approved Toll Manufacturer Scheme (ATMS), where GST is suspended when the trader imports into Malaysia. These two schemes are designed to ease the cash flow of Trader Scheme (ATS) and Approved Toll Manufacturer Scheme (ATMS), who has significant imports.
| Description | Dr. | Cr. | Tax Code |
| Imported purchase - Under Special Schemes | Purchases | IS | |
| Trade Payables - IS |
Next: Purchase of goods under special schemes and blocked input tax.
Previous: Understanding GST Tax Codes - Part 1
Your turn to comment or suggest ..... :)
The materials and information contained here are for general information based on our understanding of the GST position under current GST legislation and the related practice thereof, all of which are subject to change, possibly on a retrospective basis. We are not obligated to update these materials or information should there be any changes in future.
Independent professional advice should be obtained on any GST matters as the consequences / implications may differ depending on facts and circumstances of each case.
No part of these materials and information may be disclosed to third parties or copied, reproduced or transmitted by any means, extracted, quoted or included in any other document or communication without our prior consent.
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