GST: Options of Journal Entry for Imported Service

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Question: I have imported services from overseas, so in Purchase Invoice I use tax code IM-SVC. When I save the purchase invoice, it prompts out a windows as shown below:


Im service tax 1.png


What are these options mean?


Answer:

You need to select based on the nature of business of your company. The system will automatically generate journal entry with appropriate tax codes and ledger posting.


i. Imported Services for making Taxable Supply – Check this option if you are making standard rated supply (SR_S, ZR_L, ZR_E , etc..), and your imported service is incurred because of making such supplies. After save the purchase invoice, system will generate a journal as shown below:


Im service tax 2.png



ii. Imported Services for making non-Taxable Supply - Check this option if your company is making exempt supply and your imported service is incurred because of making such supplies. After save purchase invoice, system will generate journal as shown below:


Im service tax 3.png



iii. Imported Services for both – Check this option if you are a mixed supplier and your imported service is incurred because of making such supplies. After save purchase invoice, system will generate journal as shown below:


Im service tax 4.png



By: Hui Yan 180426, KM 180503, P180522



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