FAQ : IM vs IMGST

Top  Previous  Next

FAQ : What is the difference between tax code [IM]  and [IMGST] ?

 

 

When your oversea supplier give you an invoice
you record in 1. Purchase Journal or

 

          2. Supplier invoice (stocks)

 

 

 

[IMGST] is input tax incurred while imported goods are being tax on the value. If deducted direct from your bank account.

 

 

 

Or At Purchase Journal - Paid on behalf by Freight forwarder, now they invoice you for the GST paid on your company's behalf

Note : If you want to claim the GST amount (for import purchases) , you will record it as IMGST tax code. It will appear in the GST Column. (See below)

 

GST report will be presented as per below for both tax code

 

 

GST F5 summary report will be as per below

 

 


Related Topics

FAQ : Why Box 5 vs Box 7 not tally ?

 

 

 

 

 

 

Watch all videos:

Realtimme Training Portal

http://realtimme.cloudapp.net/basic/index.html?IM_vs_IMGST.htm