This comprehensive program on Input Tax Recovery provides a deep dive into the mechanics of GST, focusing on the rules and best practices for claiming input tax. Participants will explore fundamental GST concepts, including different types of supplies, qualifying conditions for input tax claims, and the documentation required for compliance. The session will also cover critical topics such as time of claiming, apportionment rules, and special considerations for specific expenses like gifts, fringe benefits, and imported services. By understanding these principles, businesses can optimize their GST recovery while avoiding costly errors
The workshop by CLA Events will highlight common pitfalls in input tax claims, offering practical guidance to ensure accuracy and compliance. Through real-world examples and expert insights, attendees will learn how to navigate partial exemption rules, deminimis thresholds, and employee purchase reimbursements. Whether you’re dealing with tax invoices, simplified invoices, or import permits, this program equips you with the knowledge to handle GST claims confidently and efficiently.
A Highlight of Key Areas:
The Fundamental Building Blocks
- Mechanics of GST
- Basic GST concepts:
- Different types of supplies / purchases
- Standard-rated, zero-rated and exempt supplies
Input Tax Recovery Rules
- Qualifying Conditions
- Purchase GST that cannot be claimed
When can GST be Claimed
- Time of claiming: Claiming input tax in the right accounting period
- Evidence needed to claim GST
- Tax invoice
- Simplified invoice
- Import permit - Purchases by employees
Determining the Amount of GST to Claim
- De-minimis rule
- Attribution / apportionment
- The impact of partial exemption
Specific Expenses
- Gifts
- Fringe benefits
- Business entertainment
- Imported services and Imported Low Value Goods
- Prescribed Goods under Customer Accounting
Common Errors on Input Tax Claims
- Understanding the common errors, and avoid making them in your claims