GST-registered businesses can claim GST on their imports and expenses incurred for business purposes. However, there are certain expenses that are not claimable. Businesses who make both taxable and exempt supplies may not be able to claim the full amount of allowable input tax. Wrongful claims are common errors noted during the IRAS’ audits. Penalties could be imposed for these errors.
This workshop by ISCA aims to provide participants with a better understanding of the input tax recovery rules.
A Highlight of Key Areas:
- Input Tax Recovery Rules
- Qualifying conditions
- Disallowed / blocked expenses
- Time of claiming - Supporting Documents
- Tax Invoice
- Customer Accounting Tax Invoice
- Simplified invoice
- Import Permit - Ascertaining the amount of GST claimable
- Impact of partial exemption
- De-minimis rule
- Attribution / Apportionment - Specific Expenses
- Gifts
- Fringe Expenses
- Business Expenses