Are you prepared for customs audit? GST for the manufacturing and trading sectors has become more complex due to changes in the GST post implementation policy. On top of GST being imposed on most supplied – raw materials, trading stock and capital assets – there is now the issue of foreign exchange difference, import and export of goods, movement of goods to and from designated areas and free trade zones. Implementing GST and submitting GST returns without knowing the latest rules can attract high penalties.
This course will highlight the latest updates and common pitfalls in post GST implementation for the manufacturing and trading sectors. It will also cover the precautions needed to review the GST return before submission. In addition to this, the course will also cover product warranty, sample goods and capital asset acquisition.
How Will You Benefit
Upon completion of this programme, the participants will be able to :
- Be aware of the latest updates on GST rules relating to manufacturing and trading industries
- Be aware of the common GST misconceptions and pitfalls relating to manufacturing and trading industries
- Understand the different penalties under the GST act 2014 and GST audit framework
- Be able to review the GST return for submission
- Be able to reconcile the GST return and accounts
Who Should Attend
This course is suitable for accountants, accounts executives, auditors, tax agents, entrepreneurs, company directors and company secretaries.
- Interactive lectures
- Presentation slides
- Scenario studies
- Q and A sessions
- REFRESHER ON GST MECHANISM
- GST CODE AND INOUT TAX CREDIT
- COMMON SCENARIO AND SUGGESTIONS
- GST HIGHLIGHTS AND PITFALLS
- GST PENALTIES AND GST RISK MANAGEMENT
- REVIEW GST RETURN
- GST POST IMPLEMENTATION REVIEW