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
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.
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.