The first wave of major GST changes started in January 2019, with Customer accounting being implemented on the supply of certain prescribed goods by GST-registered suppliers to their GST-registered customers.
From the 1st of January 2020, GST is being applied on imported service in the context of business-to-business (“B2B”) transactions by way of a reverse charge mechanism. The taxation of business-to-consumer (“B2C”) transactions will take effect through an Overseas Vendor Registration (“OVR”) mode.
It is critical that organisations understand the impact of these changes to ensure that their staff and systems are well-equipped to comply with the new requirements. This webinar will give you a good understanding on the features of the customer accounting, reverse charge mechanism and the related registration and compliance rules. Other recent GST changes and developments will also be discussed.
A Highlight of Key Areas:
Summary of 2019 and 2020 Updates/Developments
Customer Accounting for Prescribed Goods
- What is customer accounting?
- What are the prescribed goods?
- What is excepted supply?
- Common business scenarios
- GST treatment / reporting
- GST-registered supplier making a relevant supply
- GST-registered customer receiving a relevant supply
- Some Common Errors found so far
Taxing Imported Services by way of an Overseas Vendor Registration Regime
- Business to Consumer (B2C) supplies of digital services
- Scope of digital services
- When is operator of electronic marketplace regarded as the supplier?
- GST registration requirements for overseas suppliers and overseas electronic marketplace
- Simplified Pay-only Registration Regime
Reverse Charge Mechanism
- Who is affected by reverse charge on imported services
- How reverse charge works and its impact on partial exempt businesses
- Types of services subject to reverse charge
- Transitional Rules
- Registration and reporting requirements
- Impact on inter-branch and intra-GST group transactions
- Practical challenges faced by organisations in accounting for reverse charge