Bank charges-Tax Code

can  i know what is the tax code for these show in bank statement??

Cheque Processing Fee rm1.00
Debit Advice-GST 0.06

Serv Charge-IBG/TT/RENTAS/MISC at KLM rm30.00
Debit Advice-GST at KLM rm1.80

gst can be claim or not? what is the accounting entries?

Asked on June 20, 2017 2017-06-20 06:59:24 Business (商家)
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2 Answer(s)

Tax code for both is TX-IES.
Yes you can claim input tax credit on this.
Accounting double entry is :
DR. Bank Charges – tax code is TX-IES
DR. GST Input Tax Credit – tax code either OP or leave blank.

Answered on June 20, 2017. 2017-06-20 09:43:44

tax invoice required from bank for claiming gst? or can be based on bank statement only?if we dont want to claim,what is the tax code?

on June 21, 2017. 2017-06-21 02:25:09
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Normally bank will send you the Tax Invoice for any GST on their services. You may request it from the banker.  Sometimes the GST amount is printed on their Debit or Credit Advice (e.g. TT application form, etc.).

Tax code for not claiming GST input tax is TX-NC.

Answered on June 21, 2017. 2017-06-21 06:09:11

Ok. Thanks a lot.

on June 21, 2017. 2017-06-21 07:21:52
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