Sales figure wrongly key into the accounting ledger

I wish to ask, if i keyed in the wrong sales figure into the sales ledger, eg: I keyed in RM 3000 instead of the correct figure of RM 300. The output tax was calculated and submitted to custom few months ago. Only now that i notice this mistake. So what are the options available for me to rectify this mistake? Can I use credit note or JV to adjust this error and claim back the output tax? Or do i have to submit amendment of GST form? Thanks

Asked on January 5, 2017 2017-01-05 01:42:49 Business (商家)
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2 Answer(s)

You have to refer to the GST Officer at the Customs near your place.  Under the new ruling for amendments on Form GST-03 after the taxable reporting period need to have their approval for amendments.  Previously can just ament through TAP.

Answered on January 6, 2017. 2017-01-06 08:22:18

If that’s the case,can i just use credit note to adjust my account? Is this an acceptable practice?

on January 6, 2017. 2017-01-06 10:05:36
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Below is the conditions drawn up by Customs on the issuing of Credit Note.  Go through it before deciding your next course of action.

Credit Notes :
Credit notes are issued by the supplier when the value for a supply is reduced after a tax invoice has been issued. These notes are issued to correct a genuine mistake or to give a proper credit when there is a change in rate or description; or when adjustments are made in the course of business.
(a) Change in rate or description :
A credit note should be issued if there is a change from a higher rate of GST to a lower rate or a change in description of a supply from a standard-rated supply to a zero-rated or exempt supply.
(b) Adjustments in the course of business :
A credit note should be issued if there is a change in consideration as a result of adjustments in the course of business such as:
(i) when the goods invoiced as standard-rated should be exempt or zero-rated;
(ii) the supply of goods or services is cancelled;
(iii) consideration for the goods have been partly or fully waived;
(iv) quantity discount given after goods have been supplied;
(v) when sub-standard goods are accepted by the customer at a reduced price;
(vi) goods are returned or services are not accepted; or
(vii) goods and services are supplied for an unascertained consideration.

From the above it shows that credit note is not meant for correction of mistakes.

Answered on January 7, 2017. 2017-01-07 01:21:23
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