Disclaimer: The following are recommended solutions only. Please refer to any changes or latest updates from RMCD official website.
A) Filing Cycle
The following is the final filing cycle for GST period and GST exit.
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| Filing Cycle | Remarks |
|---|---|
| Aug 2018 |
|
| Sept 2018 - Dec 2018 |
|
For quarterly submission will be as follows:
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- For quarterly submission, the existing filing cycle would be Jul - Sept 2018 and Oct - Dec 2018.
- Please ** Please request from our Support team to edit the financial cycle if you need to proceed with GST Final Submission for Input Tax.
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- User needs to ensure the date generated should be from 2015-04-01 till 2018-08-31.
- All the Input Tax documents up to transaction date of 2018-08-31 should be filed. The amount will be reflected at GST-03 (6a) and (6b).
- For Input Tax GL, all the amount shall be transferred to gstPayable GL upon filing all the Input Tax documents.
- Upon transferring Input Tax to gstPayable GL, there will be Debit balance. This amount in the Balance Sheet will be carried forward till the refund from Customs is received.
D) Output Tax Filing
- User needs to file output tax from Sept - Dec 2018.
- For the period of Sept 2018 - Dec 2018, there should not be any Invoice documents with GST.
- However, it is possible to have Sales Return documents with GST 6% from the Invoices created during GST period.
- After run filing for Output Tax Sept - Dec 2018, the amount at GST-03 5a and 5b might be negative due to Sales Return.
- 5a amount is negative due to Supply amount from Sept - Dec 2018, are all Sales Return.
- User needs to do GST adjustment from Note B above; the amount from 5b will be transferred to 6b.
- For 5a, user do not need to do adjustment.
- When submitting the GST-03 via TAP, user do not need to submit 5a amount which shows negative.
E) Declare Stock and Capital Goods
Stock
- Generate SBR-05 as at 2018-08-31 to get the final stock value.
Capital Goods
- For Capital Goods, user needs to generate each to refer to the printed TAP form from filing cycle from April 2015 till August 2018, and sum up all the amount from Section 16.
- Preferably, to sum up all the Section 16 in excel file as per sample below:
** The amount from SBR-05 for stock and sum of Section 16, should be added manually at GST-03 Section (5a) when submitting the tax return using TAP form
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E, the above worksheet as supporting documents
F) Balance Sheet GST GL Codes
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Note: Several GL Codes listed above may not be appearing in your system. Different companies may have different GL names.
FG) Bad Debt Treatment
- User is advised to process the AR Bad Debt Recovered and AP Bad Debt Paid and clear the accounts by the last GST filing cycle and submit by 2018-12-29.
Reference:
Please refer to custom website for the latest update