The Essentials of Goods and Services Tax (GST)

With GST affecting virtually all business transactions, it is inevitable that businesses will make mistakes in their GST returns. This is evidenced by the IRAS collecting $148.9 million in additional tax and penalties from GST audits for FY22/23, which forms more than 30% of the total collections from audits conducted across the different tax types. With the increase in the GST rate from 8% to 9%, a higher GST rate means that GST errors would be a more costly affair.

As the GST errors can be reduced or avoided with a better understanding of the GST rules, it is critical for companies to equip their staff with the right knowledge on how the rules apply to transactions so as to mitigate the exposure to penalties. The IRAS has also indicated in its Voluntary Disclosure Programme that penalties can only be reduced or waived for timely voluntary disclosure of errors.

We invite you to our popular workshop on the Essentials of GST where we share with you the common risks in GST so that you can take the necessary steps to avoid them. The seminar will focus on the practical application of the tax and provide an opportunity for participants to discuss their practical situations and how they can effectively manage the GST.