What is GST return?
Tax return is a form used by the tax authorities to assess tax liability. It is a form which reports tax information like the tax payer's expenses, income and other pertinent tax information. Tax payers are required to file the tax return annually.
GST return is a type of tax return that GST registered company and tax payers are required to file monthly, quaterly or annually depending on the types of GST form they are filing. GST return that is required from them includes expenses, income, input tax credit (GST paid on purchases) and output GST (GST charged on sales).
GST Return in TreezSoft
TreezSoft cloud accounting will automatically include every information needed into your GST return documents to simplify your GST return procedures. You simply have to click on a few buttons to generate the ever-ready GST return document.
To generate GST Return, go to Tax > Tax Return. Then click on the 'New Declaration' button.
Then follow the steps below:
1. Verify company info, Taxable Period.
2. Determine whether to Carry forward refund for GST.
3. Click Process. (system will prompt if found any outstanding documents that need to take action)
4. Verify your transactions in the following tab:
a. Purchase and Supply Listing
b. Tax Summary, and Summary Report
c. GST-03
5. Fill in information in Part D: Declaration.
6. After verification, click Save to temporary save the processed transactions.
7. After saved, you may generate following report by click Print:
a. Print Tax Summary
b. Print Purchase and Supply Listing
c. Print GST-03
d. Print Summary Report
8. You may leave your saved GST Return there and come back again to perform a re-process whenever necessary, as long as you haven’t click Submit.
Submit GST Return:
When there is no other changes and you're ready to submit GST-03 to government, please login custom's website (https://gst.customs.gov.my/TAP/_/) to file your GST-03, based on the value provided in Treezsoft.
There are 3 way to fill up the GST-03 form in the Taxpayer Access Point (TAP) website:
a. Manual enter the GST amount in TAP according to GST forms guide (refer to bottom section of this blog for GST forms guides),
b. Manual fill up via GST-03 paper form according to GST forms guide (refer to bottom section of this blog for GST forms guides), or
c. Download the Tap from Treezsoft and upload it into TAP. (refer below for downloading the Tap from Treezsoft - click on Download > Download Tap)
After you have done filling up the forms in TAP, please come back to Treezsoft and click Submit for the corresponding GST Return.
The purpose of this action is to lock all your transactions within the taxable period and a journal entry would be auto generated in order to charge input/output tax into GST Clearing account.
You can preview your Journal entry by clicking the 'Preview Journal Entry' button.
Guide on how to use TAP for GST filing: https://www.youtube.com/watch?v=YYe01EiFrCg
Guide on how to use TAP for GST payment: https://www.youtube.com/watch?v=pUm-i6wIRQg.
Note:
Before clicking the 'Submit' button, you may re-process or re-save as many times you need for cross check or preview purpose.
Our system doesn’t submit GST-03 directly into government website. You still are required to fill in GST-03 via government website, by referring the info provided here.
Continue reading for GST:
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