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.
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).
I am going to submit final GST return before 29/12/2018. As advised by our auditor, final GST return should include NBV fixed assets of GST input tax claimed and all stocks as of 31/08/2018 . Does it mean that only stocks to be included in the final GST return and fixed assets not required? Is the final GST return form GST-03?
Yes, included with stock only
I didn’t stock balance in my final gst return. So how now?
If you don’t have any stock as on 31/8/2018, then just submit as your normal GST submission before end of December 2018
DO WE HAVE TO DECLARE THE FIXED ASSET IN THE FINAL GST RETURN
No you don’t need to declare fixed aseets in final GST return
but now already Nov how can do the stock take for Aug?
just put the figure what i read on balance sheet for stock.
i know some of the company just put the sales figure they did not add stock figure and submitted.
we have consignment stock at outside and only do stock take one a year. For our balance sheet figure it will capture outside consignment stock figure as at financial year + internal warehouse in out stock figure. So i just take the stock figure from balance sheet + sales figure (Aug) and put in 5a?
You should do consignment stock take as 31/8/2018
refer to all comment, i need to double confirm that GST03 5a amount are sales + stock as at 31,Aug figure (if my sales amount for Aug 18 is 2mil stock is 8mil, i put 5a total 10mil) right?
Yes, is sales and stock balance as 31/8/2018
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?
Hi you can download the Transitional Rules here. Please refer to General number 67
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 ?
The output 5a already included sales of Jul and Aug, thus you need to take stock closing as 31 Aug 2018
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)
The final GST return only require for stock balance as of 31/8/2018. You don’t need to declare for fixed assets