Many GST errors arise due to the lack of understanding of the complex GST rules and businesses may face a penalty of up to 200% for any under-declared or over-claimed taxes. The recent GST rate hike would inevitably result in an elevated risk of higher penalties with respect to non-compliance among GST-registered businesses. Hence, it is imperative that the personnel who is entrusted with managing the GST returns possess comprehensive knowledge of the latest GST requirements and stay abreast of the GST developments.
The CCS-MS Goods & Services Tax (GST) Workshop, jointly organised by Complete Corporate Services and Moore Stephens LLP, offers a valuable opportunity for participants to acquire the knowledge and skills necessary to navigate the complex GST landscape in Singapore. It is also designed to provide practical insights into common GST risk areas and potential rectification steps that would help improve GST compliance.
- Overview of GST:
- Classification of supplies
- Time, place and value of supply
- GST Registration & Exemption
- Deeming of output tax
- Transitional rules pertaining to GST rate hike
- GST Concepts Relating to Purchases:
- Conditions governing input tax claims
- Disallowed input tax claims
- Documentary requirements for input tax claims
- Common fringe benefits
- Claiming of bad debt relief
- Inter-Company Billings and Recovery of Expenses:
- Disbursement vs Reimbursement
- Recovery of disallowed expenses from related companies
- Common business scenarios to illustrate the application of the GST rules for recovery of expenses