Most GST registered businesses ( GRBs ) miss out on easy-to-identify GST risk areas due to lack of the know-how and / or availability of capacity to effectively track them. This lead to incorrect GST classification and GST reporting as well as the ultimate payment of heavy fines and / or penalties to the IRAS.
In this timely and highly practical workshop, our trainer will share his professional experience and collection of GST weakness and blind spots that can be resolved progressively with the combination of human and digital efforts as part of the GRBs’ GST return filing process. This will aid GRBs in achieving the end in mind of better managing their GST obligations and minimising potential fines and / or penalties that could arise during an IRAS GST audit.
A Highlight of Key Areas:
- GST Value Chain
- GST controls (front end and progressive) at entity, transactional (supply and purchase) and GST reporting levels to aid on better GST reporting
- Layman approach in determining zero-rating (i.e. 0% GST) of goods and/or service supplied
- Tips on better managing input tax claims
- Input tax apportionment and reverse charge
- Using digital tools to supplement GST reporting
- Essential GST updates
- GST voluntary disclosure initiative to minimise GST penalties and/or fines payable on incorrect GST classification with GST impact