About this Course

Although GST has already been implemented in Singapore for more than 20 years, many GST-Registered businesses are still unclear about the concepts of GST and are still making mistakes in their GST submissions.  This workshop is to help attendees better understand GST and its applications.

Objectives

Upon completion of this workshop, participants will be able to;

To equip participants with the concepts of GST so that they can effectively apply the knowledge acquired into their area of work

To maintain the proper documents in case of a GST Audit

To provide participants with real-life case studies to reinforce better understanding

To enable participants to complete their GST F5 return correctly and accurately

Target Audience

Tax, Accounts & Finance Personnel who wishes to know more about GST

Duration

Two days

Curriculum

• GST Concepts
  

1. Overview & Basic Concepts of GST
   
2. Types of Supply
   
3. Output Tax vs Input Tax
   

• Time of Supply Rules
  
• Documentation
  

1. Tax Invoices, Simplified Invoices & Receipts
   
2. Foreign Currency Invoice
   
3. Credit Notes & Debit Notes
   

• Pre-Registration Input Tax Claims
  
• Input Tax
  

1. Claiming of Input Tax
   
2. Bad Debt Relief
   
3. Repayment of Unpaid Input Tax
   
4. Fringe Benefits
   
5. Five Disallowed Input Tax Claims
   

• Imports, Exports & International Services
  

1. Imports
   
2. Exports
   
3. International Services
   
4. Section 33(1) & 33(2) Agent
   

• Reimbursement vs Disbursement
  
• Frequently Asked Questions
  

1. Absorption of GST
   
2. Price Displays
   
3. Open Market Value
   
4. Disposal of Business Asset
   
5. Trade-In
   
6. Purchase of a Brand New Vehicle
   
7. Sale of Used Vehicle
   
8. Discount vs Rebate
   
9. Sponsorship
   
10. Free Samples
    
11. Deposits
    
12. Penalties & Interest
    
13. Reimbursement of Handphone Bills
    
14. Entertainment & Office Expenses
    
15. Incidental Expenses
    
16. Record Keeping
    
17. Transfer of Business as a Going Concern
    
18. Secondment of Staff
    

• Completion of GST Forms
  

1. Completing the GST F5 Return
   
2. GST F5 Exercise
   
3. When do you need a GST F7?
   

• IRAS Audit
  
• Questions & Answers
  

Methodologies

Case Studies, Exercises/Quiz and Q&A

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