GST has already been implemented for more than 20 years now, and yet many GST traders are still making many mistakes. This workshop by ISCA aims to provide participants with the basic knowledge on GST concepts as well as the rules and regulations in Singapore. It will also help to avoid potential pitfalls and appreciate the potential GST issues that will accompany almost every business transaction. The penalties for not getting GST right can be costly to businesses and hence should not be ignored.
A Highlight of Key Areas:
- Overview of GST System and How It Works
- Key Concepts of GST including Types, Place, Time & Value of Supplies
- Transfer of Going Concern
- Claiming Input Tax Credits, including pre-registration input tax and bad debts relief
- Fringe Benefits
- Importation of Goods – Major Exporter Scheme and Import GST Deferment Scheme
- Exports and International Services
- Accounting for GST
- Interaction between income tax and GST
- Registration & Record Keeping
- Tax Receipts and Invoices
- Completing GST Forms and Returns
- Common GST errors made by business
- Advance Ruling System
- Offences and Penalties
- GST Assisted Self-Help Kit (ASK)
- GST Assisted Compliance Assurance Program (ACAP)
- Voluntary Disclosure Program (VDP)
- GST on Imported Services – Reverse Charge and Overseas Vendor Registration
- Recent GST Changes