How do you account for GST if you are giving Discounts to your customers?
#GST16
6 Promotion Items:
i) Discounts
ii) Samples
iii) Purchase with Purchase
iv) Tie-In Goods
v) Gifts
vi) Monetary Vouchers
Do you give the following discounts to your customers:
i) Price Disount
ii) Prompt Payment Discount
ii) Prompt Payment Discount
iii) Volume Discount
iv) Discount Vouchers
Note: GST is charged on the value after discount.
RM
Price inclusive of GST 106.00
Less: Discount 10% 10.60 *
Net Price after discount 95.40
GST@6% (6/106 * 95.40) 5.40 (for all GST round up to 2 decimal point)
In this case, the retailer will account RM5.40 for its Output Tax.
In this case, the retailer will account RM5.40 for its Output Tax.
* The discount can either be fixed amount or a certain percentage, the treatment will be the same.
Hope it will help in your implementation and a have a smooth transition on 1 April 2015.
CUKAI BARANG DAN PERKHIDMATAN (lebih dikenali sebagai GST)
If iam adding single invoice with two different Product and tax code (SR 6% and ZRL 0%) and allowed 10% discount. what is the discount ratio ?
ReplyDeleteEample
1. Standard Supply Item 1000 (6%)
2. Zero Rated Item 500 (0%)
Less Discount 10% 150
Net Price After Discount 1350
What is the GST value?
Nice blog. Thanks for sharing useful information.
ReplyDeletepromotional gifts Malaysia