Tax Code : Standard Purchases TX

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This refers to your goods and services purchased from GST registered suppliers. The prevailing rate is 7% wef 1st July 2007. As it is a tax on final consumption, a GST registered trader will be able to claim credits for GST paid on goods and services supplied to them. The recoverable credits are called input tax. Examples include goods and services purchased for business purposes from GST registered trader.


A Fast code, [P] is created below and linked to the chart of accounts D-G001-1

 
Note: Percentage is 7% as at the time of this help file

 

Sample Report - GST report showing standard rated purchases

 

If your company is not GST registered, change the Percentage to zero (0)

See FAQ - Not GST registered (If your company is not GST registered, click here)
 


 

 Related Topics

How to preset supplier master with preset tax code

 

Change of GST rate

 

Company profile : GST Registration No

 

Purchase Journal

 

GST Report

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