GST administration in Singapore has evolved rapidly, specifically so in recent years. IRAS now has a deeper understanding of the commercial environment, through the utilisation of technology to gain an overview, as well as detailed analysis of targeted GST registered businesses (GRBs).
While most of us have been telecommuting since the circuit breaker in early April 2020, technology advancement has supported the intensity of GST audit focus performed by IRAS on routine areas as well as targeted industries.
This webinar session is therefore timely as the presenter would be sharing how GRBs should stay relevant in revisiting the fundamentals, minimising common GST gaps, as well as getting an update on GST consideration tagged to Covid-19 related expenses and rental waivers.
A Highlight of Key Areas:
Revisit of GST Fundamentals
- Meaning of supply refreshed
- Goods vs Services
- Reference point for determining GST treatment of Goods and Services supplied
Controls at Transaction and GST reporting Levels
- Common GST gaps from supply and purchase perspective
- Bridging the gaps
- 3W1H approach
Recent Updates on Taking GRBs Forward
- IRAS recent direction
- GST considerations on Covid-19 related expenses (e.g. swap test, SHN expenses, mask, sanitizers) and rental waivers