23 April 2013
On 19 April 2013, the Inland Revenue Authority of Singapore (IRAS) issued a third edition of the ‘GST: Assisted Self-help Kit (ASK) Annual Review Guide’.
The ‘Assisted Self-help Kit’ (ASK), is a self-assessment package designed to facilitate voluntary compliance of GST registered businesses.
It comprises three key aspects:
- GST Practices comprising people, record-keeping, systems and internal controls to ensure overall GST compliance.
- Pre-filing checklist to perform a quality check on the GST returns before submission
- Annual Review of past GST returns for early detection of errors.
A summary of changes contained in this edition is as follows:
- ‘Appendix 2 – Summary of Certification Procedures (For Reference only)’ was inserted.
- ‘Step 3C – Check your Exempt Supplies’ and ‘Step 3D – Check your Input Tax and Refunds Claimed’ are updated due to legislative changes (Investment Precious Metals and eTRS).
- Sample size revised in ‘Step 3D – Check your Input Tax and Refunds Claimed’ for Tourist Refund Claims and Bad Debt Relief.
- Flowchart updated in ‘Step 5 – Quantify your Errors (if any) and Submit your Findings to IRAS for Review’ to revise the periods to quantify GST error.
- Existing paragraphs reformatted and reinserted.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website.