IRAS Annual Report FY2019/2020
Amount Collected from GST Audits*: S$179.8 million
* As a result of errors and penalties
Average Collection in Tax and Penalties in FY2019/2020
From GST Audits: S$63.7K per case
The latest IRAS Annual Report FY2019/2020 reveals that there is an amount of S$179.8 million recovered from GST-registered businesses. This is primarily a result of GST errors discovered through IRAS’ audit.
Any GST errors or omissions discovered through IRAS' audit will attract penalties of up to two times the tax underpaid and a 5% late payment penalty.
Therefore, it is crucial for GST-registered businesses to be able to identify and address the key GST errors immediately. In addition, a strong understanding of the exposures, the law and penalties in relation to GST compliance is a must.
Using case examples and scenarios, this practical workshop will equip you with the necessary skills required to confidently and accurately file your GST returns.
A Highlight of Key Areas:
Common GST Errors
- Standard-rated supplies and output tax errors
- Zero-rated supplies errors
- Exempt supplies errors
- Taxable purchases and input tax errors
- Common errors noted by IRAS during their GST audits
- Case examples
Improving Compliance
- Understanding GST requirements
- Penalties for incorrect GST submission
- Voluntary disclosure of errors
- How to quantify GST adjustments
- Case examples