The GST Compass: Navigating the Complexity of GST | FINANCIAL MANAGEMENT | Programmes & Courses | SNEF e-Services Portal

Goods and Services Tax (GST) was introduced in Singapore on 1 April 1994 at a rate of 3%. The current GST rate of 8% will increase to 9% from 1 January 2024. While GST is the 3rd largest revenue contributor of taxes in Singapore for FY2021/ 2022, the penalties and taxes collected from IRAS’ audits and investigations for non-compliance continue to rank the highest at approximately S$213 million for FY2021/ 2022 despite GST being implemented for close to 30 years. The continuous development of the GST rules and the increasing GST rate makes it critical for businesses to understand the concept and rules of GST to avoid costly penalties imposed by IRAS and reputational damage that may arise from unintentional errors or non-compliance. Acquiring in-depth GST knowledge gives you a competitive advantage to navigate your business transactions seamlessly. GST also plays a pivotal role in financial management, cash flows, working capital, and budgeting. This GST training programme is designed to equip you with the knowledge and skills necessary to navigate the complex GST landscape in Singapore. It enables you to make informed decisions that positively impact your business by understanding how GST affects pricing, contracts, and supply chains to achieve your financial goals. It also provides the opportunity for you to clarify any GST questions involving your current or new business arrangements.

Course Learning Outcomes By the end of the course, learners will be able to understand: Basic concept of GST – How GST works, place, time, value and type of supplies, conditions governing input tax claims, non-routine transactions, recovery of expenses Supply of goods – Place and time of supply, import of goods, export of goods (direct and indirect export), documentation requirements, handling of goods on behalf of overseas and local principals Supply of services – Place and time of supply, international services, E-commerce, reverse charge, updates on recent changes Preparation of GST return – GST F5 and form completion, disclosure of errors on GST return (GST F7), record keeping and general compliance, offences and penalties, case studies

Training on GST concepts and rules which includes practical examples.

Tax executives, Finance executives, Business process owners that are involved in tax compliance.