Tuesday, 5 May 2015

Understanding GST Tax Codes - Part 8

Exempt supplies ES

Use ES43 for provision of services which are exempted from GST.

Download GST (Exempt Supply) Order 2014 here

DescriptionDr.Cr.Tax Code
Exempt Supplies SalesTrade Receivables

Incidental Exempt Supplies ES43

Examples if incidental exempt supplies are:

  • interest income from deposits placed with a financial institution in Malaysia, 
  • realised foreign exchange gains or losses, 
  • first issue of bonds, 
  • first issue of shares through an Initial Public Offering 
  • interest received from loans provided to employees 
  • factoring receivables, 
  • money received from unit holders for units received by a unit trust etc.

DescriptionDr.Cr.Tax Code
Incidental Exempt SuppliesBank / Cash
GST - Output Tax
FD Interest Received ES43

Next: Part 9 DS and OS

Previous: Part 7 SR, ZRL, ZRE

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