| # Malaysia Standard Industry Code in GST 03 return The MSIC code is an item code that represents your nature of business (Major Industry Code). The Malaysia government has provided a list of codes in the Malaysia Standard Industrial Classification. The breakdown value of output tax in accordance with the Major Industries Code is calculated and displayed under section 19 of the GST 03 return. You can use the MSIC Codes (tcmcs9100m00c) session to define the MSIC code. You can specify the levels at which you can implement MSIC code using the Level of MSIC Code field in the GST Parameters (tfgld9120m00c) session. MSIC code can be defined at: Item Level Item Group Level Customer Level Company Level Output tax amounts by MSIC code Based on the level at which the MSIC code is implemented, the output tax amounts for different levels, are calculated and printed in the section 19 of GST 03 return: Company Level: 100 percent on the single code which is maintained at company level in GST Parameters (tfgld9120m00c) session. Item Group Level: Application search for the MSIC code based on the item group code of the item. Based on the MSIC code, the application calculates and groups the total amount of all the transactions. The top five MISC codes are printed separately, by percentage and rest all are printed as 'Others'. Item Level: Application searches for the MSIC code based on the item. Based on the MSIC codes, the application calculate and group the total amount of all the transactions. The top five MISC codes are printed separately, by percentage and rest all are printed as 'Others'. Business Partner Level: Application searches for the MSIC codes based on the business partner. Based on the MSIC codes, the application calculates and group the total amount of all the transaction. The top five MISC codes are printed separately, by percentage and rest all are printed as 'Others'. |