GOODSANDSERVICESTAXGSTIntroductiontoGST”.pptVIP

* Notes to Speaker 2: To place more emphasis on the benefits of ASK. ASK is launched on 01 Apr 2010 to help GST-registered businesses effectively manage their compliance. ASK focuses on 3 aspects: GST Practices to properly handle GST Reporting of transactions Pre-filing checklists Annual Review of past GST returns filed in each financial year. So, what are the benefits that GST-registered businesses can enjoy if they implement A.S.K? Firstly, with the information that IRAS has provided in Section 1: GST Practices, you will be able to understand the essential GST requirements on filing and record keeping that IRAS requires. Once you have that, you can even further improve and adopt the good practices. You can also review the correctness of your GST submissions by running through the Pre-Filing Checklists prior to submitting your GST returns to IRAS. This will prevent you from making common GST errors since they can be easily avoided via the self-checks introduced in A.S.K. By implementing the ASK Annual Review, you can also discover any past GST errors for timely disclosure to IRAS. As such, you can avoid or enjoy reduced penalties since this will be treated as a voluntary disclosure. Last but not least, A.S.K enables you to qualify for specific GST schemes, such as the IGDS. ? * Notes to Speaker 2: You are strongly encouraged to conduct an annual self-review of your past GST returns submitted. If you discover errors in the course of your review, you should disclose them immediately. Penalties will be waived or reduced for voluntary disclosure. * * * * Notes to Speaker 2: At point of de-registration, for assets on hand which input tax has been allowed, need to account for deemed output tax if total value exceeds $10,000. Assets include stocks, fixed assets and non-residential properties. Value will be based on open market value at point of de-registration. GST will be charged at prevailing rate. For companies that are GST-registered on a voluntary bas