This is a follow-up on an earlier article entitled Knowing the 23 Tax Codes. Many asked why are tax codes important. This is because the accuracy of the figures in the GST-03 return that you submit to the Royal Customs Malaysia (RMC) on monthly or quarterly basis relies on the tax codes you punched into your accounting system. For example, tax code TX refers to goods and/or services purchased from GST registered suppliers and eligible to claim input tax credit. Then system will then post this figure to item 6(a) and 6(b) of you GST-03 form.
Let's look at the first tax code for Purchase
Let's look at the first tax code for Purchase
