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Pre-filing Check List for GST-03

* Latest Template on 21/11/2015

We have completed our GST operation in April 2015. RMCD anticipates that there are 74,999 filings in May. These include businesses who have turnover more than MYR5 million and businesses who require to file in May according to the letter from RMCD. So we have to do GST review despite of your accounting software is able to generate GST-03. Click below link for the Self Review Check List for GST-03.

The first part of the check list disclose the registered person details and application details. These are information used by GST System Changes consultants to assess the accuracy of GST-03. It is because different application has different approach to extract data summary feed into GST-03.

Businesses also require to know the tax codes that are applicable in their businesses. GST-03 is different from records keeping. It does not require to disclose all GST Tax Codes. You focus on the GST Code that you use for your businesses.

Section 4 is accountability of GST. In addition to goods and services, businesses need to account for a number of GST rules. This check list highlights a few common scenario that may account separately from ordinary goods and services. Typical example is gift rule and importation of services (reversed charge mechanism).

If you are providing exempt supply, you may need to test on De Minimis rule. You can only claim full input tax credit if you satisfied your exempt supply of MYR5,000 per month of 5% of your total supply. Failure to satisfy both condition will bring you as partial exempt trader and apportionment rule applies to your input tax credit.

Section 5 is checking routine. It is subject to each application availability. One of the way is to ascertain your GST by downloading your transactions into MS Excel, use Excel Pivot Table to drag and match amongst GST Code, Transaction Type and Chart of Accounts to get the summary.

Section 6 and Section 7 are ordinary Excel template to simulate GST-03. If your simulation is tally with the application generated GST-03. You can happily submit GST-03. If there is differences, please figure out the differences so that you can fine-tune in GST Operation in May.

 

Attachments:
Download this file (GST-03 Check List.pdf)Sample Excel Reports for GST-03 Pre-filing[21112015]288 kB
Download this file (Pre-filing Check List for GST-03.pdf)Pre-filing Check List for GST-03[Review before submission]1868 kB

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GST System Changes