GST Submission Guide

GST-03 RETURN FOR FINAL TAXABLE PERIOD

All GST Registrants are required to submit the GST-03 Return on the final taxable period and make full payment for the amount of tax payable in connection with the supply, for the last taxable period within 120 days from 01.09.2018 to 29.12.2018.

Please take note that your Final Taxable Period is until 31 August 2018 ONLY and final submission / payment date will be on 29 December 2018. As this is the final submission and you may not amend the submitted reports, kindly checks carefully before submit.

Click here to the following schedule for better understanding:

CALCULATE YOUR FIXED ASSETS AND CLOSING STOCK VALUE

GST Registrant is required to declare fixed assets and closing stock value to GST-03 return at 5 (a).

FIXED ASSETS

“Any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person” Stated in First Schedule 2014, Section 4 (8), from: Click here

CLOSING STOCK VALUE

“Do GST registered person need to account for GST for goods held in hand before effective date of SST?”

GST registered persons must account for GST at 0% and declare the output tax in their final GST-03 return.

Stated in FAQ – Sales Tax, answer for question No. 28, from: Click here

UNDERSTAND THE MATTERS WITH REGARDS TO TRANSITIONAL ISSUE

You can view and download the Transitional Rules here

This transitional guide is prepared to assist you in understanding matters with regards to transitional issue related to the transition and rationalization of GST to Sales and Service Tax (SST).

FIND OUT MORE ABOUT MYSOFT MR. ACCOUNTING’S SOLUTION TO YOUR COMPANY:

Mr. Accounting Version 11