Thursday, 9 April 2015

Understanding GST Tax Codes - Part 4

Purchase of exempt supplies and purchase of goods outside the scope of GST

EP

Purchase of exempt supplies such as toll, public transportation, medical etc.

DescriptionDr.Cr.Tax Code
Expenses - exempted suppliesTaxiEP
Cash

OP


Purchase of goods outside the scope of GST.  Example, purchase of goods from overseas but the goods were sold directly to a customer outside of Malaysia. You are not entitled to claim input tax credit for any VAT or GST charged by the overseas supplier, if any.

Other examples are purchase of a business and transferred as a going concern .

DescriptionDr.Cr.Tax Code
Purchases - Out of ScopePurchaseOP
Overseas purchase but delivered to aTrade Payables
country outside Malaysia
Over to you ..... please send us your thoughts and feedback.

Next: 

Previous: Understanding GST Tax Codes - Part 3
Post a Comment