GST has already been implemented for more than 20 years in Singapore, and in 2016 a total of 211 million have been collected from GST audit out of 3201 cases. Faced with an increased risk for Businesses to be GST compliant, there is an urgent need to examine and understand GST issues that may be incorrectly treated or overlooked altogether by every GST registered businesses.
We have specially designed this workshop to provide a clear understanding of the difference between GST concepts and Accounting treatments, as well as how to manage GST Risk. It will also provide insights on GST compliance and what is a good GST accounting system. Finally, it will clear your doubts and equip you with skills to resolve GST uncertainties and prepare for GST Audit.
• Difference between the concept of Supply in Accounting treatment and GST compliance.
• Challenges commonly faced in GST preparation using Manual Accounting System and Computerized Accounting System
• Impact of cash and credit transactions on Accounting treatment and GST Processes.
• An understanding of how GST affects the financial accounts
• GST Documentation and record keeping
• Identification of common mistakes found in GST Audits conducted by IRAS
• GST Audit and reconciliation
• Preparation of GST return and introduction of GST Tax Codes.