Discounted Sale Price Scheme

Discounted Sale Price Scheme

Using the example from IRAS website,

You sold a motor vehicle at $25,000 (excluding GST) on 5 Jan 2024.
GST chargeable = $25,000 x 50% x 9% = $1,125
For GST reporting purposes
Value of standard-rated supply: $25,000
Output tax due: $1,125

method 1.
the GST column is editable. you can change the value to what you need.


method 2.
you can use 2 rows
in the 2nd row, there is no principal amount and the GST is a negative value.
to easily get 50% GST, i change the qty from 1 to 0.5 with the principal amount,
this will automatically calculate 50% GST value. i then copy and paste the the GST value after changing the qty and amount back to zero. 




GST report.
both method will have the same results on the GST reporting . 

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