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1. Explanation
During Goods Receive Note (GRN), select Tax Code = IM, but make sure the Tax Rate = 0
- Note 1: It is important to make sure the Tax Rate is set at 0, because the Supplier Invoice amount from overseas supplier is EXCLUSIVE of GST amount.
- Note 2: Tax Code configuration will have 6% for IM Tax Code. So during GRN, if you select the IM code set from drop-down list the tax rate will automatically be 6%. Thus, it is advisable to edit the Supplier first, set IM as the supplier's Default Tax Code, but edit the Tax Rate to 0%. This way, whenever the supplier is selected at the GRN, the items will automatically be charged with Tax Code IM but with Tax Rate 0%
GST on imported goods = (Invoice amount + Import Duty + Excise Duty) * GST rate
2. Guide
Step 1 : Supplier > Maintenance > Create / Edit Supplier
Set the supplier's Tax Code as IM, but change the Tax Rate to 0
Step 2 : Create the GRN for the Supplier
As shown below, the supplier's Tax Code and Tax Rate will used in the GRN
Step 3 : Filing of Imported Goods are done at : Extended Modules > Malaysia GST > Tax Filing > Tax on Imported Goods
Detail explanation on each of the fields above are as below :
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Once the GRN is filed, a new Journal Transaction will be created as below :
