Declare goods held stocks in final GST return

Based on the latest FAQ, the RMCD has clarified that the GST final submission must include value of goods held to be reported in the GST-03 Return under field 5 (a). Following are the steps to report it into GST-03.

Open Stock Balance Report and select the date as of 31 August 2018 and press inquiry to get the amount.

Stock balance report as of 31 August 2018

Create Journal Entry to credit the taxable amount with SR-0 Tax Code in Sales Account (or any account). This is to pass the amount into GST-03 under field 5 (a).

Credit taxable amount with SR-0 tax code
Final GST-03 included the value of goods held

6 thoughts on “Declare goods held stocks in final GST return

  1. JOJO Reply

    Admin, can you share “Custom Acts” link show that final GST-03 return only require for stock balance of 31/08/2018, and don’t need to declare for fixed assets?

  2. May Ng Reply

    For the GST03 final submission,the output tax 5a the amount is final stock balance which is not include the sales of July and Aug ?

    • admin Post authorReply

      The output 5a already included sales of Jul and Aug, thus you need to take stock closing as 31 Aug 2018

  3. Sing Reply

    1. The GST final submission need to include “closing stock” and “property, plant and equipment” as at 31 August 2018.
    * If no need to include in the final submission, please ignore the following enquiry.
    2. The closing stock included in final GST submission need to include as cost or market value.
    3. The property, plant and equipment included as cost, net book value (after depreciated) or market value.
    4. The property, plant and equipment only include for taxable amount claimed input tax (TX & TX-CG) or others related unclaimed capital also need to include (NR & TX-NC and etc)

    • admin Post authorReply

      The final GST return only require for stock balance as of 31/8/2018. You don’t need to declare for fixed assets

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