3A Accounting System

Thursday, February 5, 2015

GST Tax Code for Output Tax

Tax Code
Tax Rate
Description
6%
Standard-rated supplies with GST
Charged.
0%
Local supply of goods or services which are subject to zero rated supplies.
ZRE
0%
Exportation of goods or services which are subject to zero rated supplies.
ES43
0%
Applicable to GST registered trader that makes both taxable and exempt supplies (or commonly known as partially exempt trader).

Incidental Exempt Supplies include interest income from deposits placed with a financial institution in Malaysia, realized foreign exchange gains or losses, first issue of bonds, first issue of shares through an Initial Public Offering and interest received from loans provided to employees, factoring receivables, money received from unit holders for units received by a unit trust etc.
DS
6%
Deemed supplies (e.g. transfer or disposal of business assets without consideration).
0%
Out-of-scope supplies.
0%
Exempt supplies under GST
RS
0%
Relief supply under GST.
E.g. Supply to Government, seller have to get approval letter from buyer
GS
0%
Disregarded supplies
AJS
6%
Any adjustment made to Output Tax e.g : Longer period adjustment, Bad Debt recover, outstanding invoice > 6 months& other output tax adjustments.

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