GST is an area where it is easy to make mistakes because it is often perceived to be ‘just a simple 7% tax'. However, as many businesses have discovered the hard way, it is as easy to do the right thing as it is to fall short when it comes to GST compliance. And eve one simple mistake replicated across multiple transactions could carry the risk of costly penalties.
This publication has been conceived and written to be a handy desktop solution for all your GST compliance issues. All GST changes made since the publication of the second edition including changes effected by various GST rules, regulations and orders issued by the Government and e-Tax Guides issued by the IRAS have been incorporated into this edition.
Its purpose is to help you:
- Understand fundamental GST concepts
- Learn about the approaches and underlying basis for completing GST returns
- Avoid common pitfalls in complying with GST
No effort has bee spared to make it easy and quick for you to find information you need. The text is copiously supplemented by illustrations, tables, checklists and references to the relevant legislation and IRAS guidelines.
Whether your business GST registered or you are considering registering it for potential benefits, with these pages lie all the answers that you need.
1. Features and Checklists
2. Outline of Goods and Services Tax
3. Supply, Time, Place and Value
4. Input Tax and Output Tax
5. Exempt Supplies
6. Partial Exemption
7. Zero-Rated Supplies
8. Imports of Goods
9. Imports of Services - "Reverse Charge" Scheme
10. Margin Scheme
11. Bad Debt Relief
12. Special Cases
13. Other Specific Cases
14. Accounting for Goods and Services Tax
15. Managing of Compliance for Goods and Services Tax
16. Invoices and Records
17. Returns and Payment of Tax
18. Offences and Penalties