Incentive received

Hi, if company received the incentive from the telco of the target achived, what is the gst code?
Is it SR? Dr : telco co CR ;gst output
CR: incentive received
Is it the payment of incentive received, must be pertaining to that month sales, then can claim the gst? Eg, February payment incentive received for the month if February sales.

Pls solve my question. Tqvm

Asked on April 11, 2018 2018-04-11 06:57:20 Business (商家)
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1 Answer(s)

Yes you are correct.  Tax code for incentive received is SR and account for output tax @ 6%.

Accounting double entry is :
For payment received :
DR. Bank
CR. Incentive Received
CR. GST Output Tax Payable

You report your incentive received based on the date of the invoice or the date of payment received, whichever is earlier.

Answered on April 12, 2018. 2018-04-12 00:27:38
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