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1. Imported Service as defined by Royal Malaysian Customs Department:
Ref : Page 18 [[http://gst.customs.gov.my/en/rg/SiteAssets/accounting_software/GUIDE_ON_ACCOUNTING_SOFTWARE_02MAC2017.pdf]]
100. When a person receives a supply of imported services for the purpose of business, he is treated as if he is making and receiving the supply. Since he is treated as making a supply, he is required to account GST on the supply of imported services as his output tax.
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103. If the recipient is not a taxable person, he is still required to account the GST as output tax and declare the tax in a prescribed form (Form GST-04). The tax has to be paid not later than the last day of the subsequent month from the month in which the payment of supply is made.
Latest GST guide:
2. In order to clarify on the above subject, please find attached a step-by-step guide to perform the said transaction which proves the system has mechanism that can reverse elements for Imported Services transaction.
Step 1. When creating Supplier Invoice for the imported service, tag the GL with Tax Code ISRV, take note that Tax Rate is 0%
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Step 2: File the SINV under Input Tax Filing. Once filed, a new JTXN will be created for the SINV
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- The journal will be dated according to the filing date (violate boxed entries)
- Debit : Default GL for Input Tax
- This may or may not be further broken down to (red boxed entries)
- Debit : Default GL for Input Tax filed
- Credit : Default GL for Input Tax
- This may or may not be further broken down to (red boxed entries)
- Credit : Default GL for Output Tax
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- Check "TX" and "DS" reverse mechanism from the system using supporting reports.
- Input Tax Invoice Report:
- Output Tax Invoice Report
- Trace Document
- Input Tax Invoice Report: