Singapore has implemented the Goods and Services Tax (GST) for more than 27 years. A simple broad-based tax at a low rate of 3% is likely to move up to 9% in the forthcoming years. Being a newly GST-registered business, you undoubtedly wish to have smooth sailing throughout your GST journey. Even if you have been filing your GST returns for years without receiving any IRAS queries, your GST compliance is not endorsed.
Digitalization has enabled tax administrations to deliver efficient and effective services electronically and enhance their capability to validate compliance in manifolds. While enjoying the fast and efficient e-services, surely you would expect e-audits. The "privilege" of "free from GST audit" would no longer be enjoyed by many GST businesses that they used to.
Against this background, and in the light of IRAS's pull and push approach for businesses to self-manage GST risks, you should at least be aware of how to better prepare and defend yourselves with adequate knowledge to stay ahead of this situation.
This practical workshop by ISCA aims to provide GST updates with case studies to enhance the competencies of both businesses and tax professionals in performing the respective roles in technical applications and a compliance review.
A Highlight of Key Areas:
GST updates and the key pointers to note in assuring GST compliance in the GST life cycle:
- Registration
- Post-registration
- How to determine whether there is a supply?
- How to differentiate between business and non-business?
- How to support your Imports and Exports declarations?
- What are the proxies for zero-rating reliefs?
- What must you be aware of in claiming input tax?
- What are the GST Schemes available?
- Cancellation of GST registration
A working model along the value chain to secure GST risks
- Re-alignment of structure
- Deployment of applicable tools
- Setting up documentation, review, and monitoring processes embedded with controls
On the completion of this course, you will:
- Be updated with the recent GST changes
- Understand the critical consideration in some important GST concepts
- Recognize the importance of getting GST right at the onset
- Aware of the tools in self-managing GST risks