Skip to Content

Deemed supplies GST MY

Hi All,

Need your help. How do you account for output deemed supplies under GST Malaysia. As per the rule you need to account items as deemed supplies which you give for free to your employees. In our scenario we do not bill our employees so how do I account for this?

Example: Lets say we buy watches as gift to our employees. Your buy watches from a vendor where you are incurring GST (posting to Input tax credit). At the same time you should post output GST under deemed supplies since you are giving them as gift to your employees and cannot bill them. How to we account this under output so it Zerorise the input credit claimed.

1) I created a tax code under input with input 6% and out put 6% but when I posted it is grossing the invoice amount which is not correct. I think the system will not allow to have input and output tax posting in one tax code. which means if we create tax code under input the system will only allow input tax posting.

2) I though not to claim input tax credit so you don't have to report in the return form.

Appreciate your inputs at the same time correct my understanding if wrong.


regards

Viru

Add comment
10|10000 characters needed characters exceeded

  • Get RSS Feed

1 Answer

  • avatar image
    Former Member
    Dec 22, 2014 at 05:14 PM

    Hello Viru,

    Did you found the answer to this request because I have the same problem and I don't know how record in accounting this case

    I created 2 VAT codes, one input code with 6% and one output code with 6%, but I don't know how to use in the same posting these 2 VAT codes
    Thank you for all answers to this request

    Regards

    Lysiane

    Add comment
    10|10000 characters needed characters exceeded