Part 3: Purchase of goods under special schemes and blocked input tax
Up next: Purchase of exempt supplies and purchase of goods outside the scope of GST
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Part 2: Purchase of imported goods and zero-rated purchase
IS
Use this this tax code only if you have been granted approval under Approved Trader Scheme (ATS) and Approved Toll Manufacturer Scheme (ATMS). Under these schemes, GST will suspended when the approved trader imports goods into Malaysia. These two schemes are designed to ease the cash flow of traders who have significant imports.
Enter this tax code for the value of goods imported under Approved Trader Scheme.
| Description | Dr. | Cr. | Tax Code |
| Imported purchase - Under Special Schemes | Purchases | IS | |
| Trade Payables | |||
BL
Every taxable person is entitled claim credit of input taxes provided the purchase is attributable to the course of furtherance of any business. However, certain input tax are specifically blocked i.e. input tax incurred on certain acquisitions cannot be claimed.
- supply or importation of a passenger motor car
- repair, maintenance and refurbishment of a passenger motor car
- the hiring of passenger motor car
- club subscription fee includes joining fee, subscription fee, membership fee, transfer fee
- medical and personal accident insurance premium or takaful contribution
- medical expenses – provision of medical treatment to employees
- family benefits; or
- entertainment expenses to a person other than employees or existing customers except incurred by a person who is in business of providing entertainment
| Description | Dr. | Cr. | Tax Code |
| Expenses with Blocked GST | Entertaiment | ||
| GST - Blocked (P&L) | BL | ||
| Bank / Cash |
Up next: Purchase of exempt supplies and purchase of goods outside the scope of GST
Over to you ..... please send us your thoughts and feedback.
Part 2: Purchase of imported goods and zero-rated purchase
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