Sample Guide of the GST Tax Code in Chart of Account

Article ID: 64791  

Question
Can you help us to verify the GST Tax Code for our Chart of Account?

Answer

Recently we received many enquiries to request us to advise how to setup the tax code for their chart of account and asking questions what are the tax code should assign during the transactions.

In fact, different industrials and companies may have different chart of account and different tax code for the same chart of account, GST consultant should be the one who advise what should be the tax code should assign to their chart of accounts.

For example, Rental Expenses, we need to understand whether the landlord are GST registered before we can assign the tax code to the chart of accounts. (if the landlord is not a GST Registered Company then the Tax code of rental should be "NR", if the landlord is a GST Registered company then the Tax code should be "TX6".

Anyway, We are trying very best to help, we tried to work out a sample guide from one industrial which maybe suitable to majority of QNE customers that provide Wholly Taxable Supply.

Again, this is only a sample guide, users are require to verify their own transactions and the GST that submitting to RMCD, QNE will not responsible for any penalty on your GST submmission - Please feel free to download the sample guide HERE.

Hope this helps!

 


Article Details
Views: 16861 Created on: May 27, 2015