Google+
FREE Preview Training Get Support
Notice: MYOB has been re-branded as ABSS with effect from 1st Jan 2018.

GST tax codes & rates

Recommended Tax Codes for Goods & Services Tax

GST Tax Codes for Purchases

 

GST code Rate Description
Source: Jabatan Kasta;m Diraja Malaysia
Appendix 2 - Guide to enhance your accounting software to be GST Compliant
Draft as at 13 March 2014
TX 6% GST on purchases directly attributable to taxable supplies.
IM 6% GST on import of goods.
IS 0% Imports under special scheme with no GST incurred (e.g. Approved Trader Scheme, ATMS Scheme).
BL 6% Purchases with GST incurred but not claimable (Disallowance of Input Tax) (e.g. medical expenses for staff).
NR 0% Purchase from non GST-registered supplier with no GST incurred.
ZP 0% Purchase from GST-registered supplier with no GST incurred. (e.g. supplier provides transportation of goods that qualify as international services).
EP 0% GST exempt purchases
OP 0% Out of scope purchases

 

GST Tax Codes for Supplies

 

GST code Rate Description
Source: Jabatan Kasta;m Diraja Malaysia
Appendix 2 - Guide to enhance your accounting software to be GST Compliant
Draft as at 13 March 2014
SR 6% Standard rated GST supplies
ZRL 0% Zero rated supply of goods or services locally.
ZRE 0% Export of zero rated goods or services
DS 6% Deemed supply. Transfer or supply of business assets without consideration.
OS 0% Out of scope supplies
ES 0% Exempt supplies
RS 0% Relief supplies
GS 0% Disregarded supplies
AJS 6% Adjustment made to output tax, e.g. bad debt relief claim.

 

With the GST compliant versions of MYOB, Accounting v20 and Premier v15, these tax codes have already been setup for you

 

 

If you are using an older version of MYOB, please see Accounting for GST with MYOB. Note however, that with older versions of MYOB, you will need to generate the required GST reports manually as only Accounting v20 and Premier v15 have Malaysian GST compliant reports.

 



Share on Twitter Share on Facebook
  RSS Feed for MYOB Accounting articles  

 |  Price List |  ABSS Payroll |  Free Preview |  MYOB AccountEdge |  How to buy |  Training |  Support |  Implementation |  ABSS Premier |  ABSS Accounting |  Free download | 

-

© 2012 DeltaTech Computer Systems & Solutions (SA0205092-A). All Rights Reserved.