The Singapore GST Compliance Handbook (5th Edition) is a handy reference guide on GST compliance issues. Now in its fifth edition, it continues to be an essential guide for finance and accounting professionals and GST administrators.

It helps readers to understand fundamental GST concepts, learn about the approaches and the underlying basis for compiling GST returns, and how to avoid common pitfalls in complying with GST. Besides systematically explaining the principles, the book also covers GST schemes that are available for companies.

The law in this book stands as at 1 November 2016.

Key Features & Benefits

• Best practice – Provides guidance on GST treatments that are in compliance with the tax law and IRAS regulations and guidelines.
• Improves compliance – Readers are guided through complex areas of GST application and guided to make proper tax filing.
• Clear explanations – Clear commentary on the rules, law and practice governing GST in Singapore helps readers understand how to apply GST. Illustrations, checklists and references to relevant legislation and IRAS guidelines further aids understanding.

NEW in This Edition

This 5th edition takes into account regulatory changes implemented from 20 June 2014 to 31 October 2016:

Incorporation of commentary on the following legislative changes:

• Goods and Services Tax (Amendment) Act 2016
• Goods and Services Tax (General)(Amendment) Regulations 2016
• Goods and Services Tax (International Services) (Amendment) Order 2016
• Goods and Services Tax Act (Amendment of Fifth Schedule) Order 2016
• Goods and Services Tax Act (Amendment of Fourth Schedule) Order  2016
• Goods and Services Tax (International Services) (Amendment No. 2) Order 2016
• Goods and Services Tax (General) (Amendment) Regulations 2015
• Goods and Services Tax (Application of Customs Act) (Provisions on Trials, Proceedings, Offences and Penalties) (Amendment) Order 2015
• Goods and Services Tax (General) (Amendment No. 2) Regulations 2015
• Goods and Services Tax Voucher Fund (Amendment) Regulations 2015
• Goods and Services Tax (Application of Legislation relating to Customs and Excise Duties) (Amendment) Order 2015
• Goods and Services Tax (General) (Amendment No. 3) Regulations 2015
• Goods and Services Tax Voucher Fund (Amendment) Regulations 2014

Incorporation of commentary on the following new IRAS e-Tax Guides:

• GST: A Guide on Zero-Rating Telecommunication and Related Services under Section 21(3)(q)
• GST: Electronic Tourist Refund Scheme (eTRS)
• GST: Guide on Exports
• GST Assisted Compliance Assurance Programme (ACAP)
• GST: Renewal of Assisted Compliance Assurance Programme (ACAP) Status
• GST: Guide on Approved Import GST Suspension Scheme
• GST: Guide for the Aerospace Industry
• GST Guide for e-Commerce
• GST: Claiming of GST on re-import of value-added goods
• GST: Guidelines on Determining the Belonging Status of Supplier and Customer
• GST: Fringe Benefits
• GST Guide on Divisional Registration
• How Do I Prepare My GST Return
• GST: Zero-rating of Sale & Lease of Containers and Container Services
• GST Guide for the Marine Industry
• GST: Approved Marine Customer Scheme (AMCS)
• GST: Guide for Motor Vehicle Traders
• GST: ASK Annual Review Guide
• GST: Guide for Property Owners and Property Holding Companies
• GST: Do I need to register?
• GST: Approved Third Party Logistics Company Scheme
• GST: Pre-registration Claims on Goods and Services (For Businesses Registered for GST before 1 July 2015)
• Record Keeping Guide for GST-Registered Businesses
• Record Keeping Guide for Non-GST-Registered Businesses
• GST: Guide for Hotel Industry
• GST: Guide for Retailers
• GST: Transfer of Business as a Going Concern and other Excluded Transactions
• GST Guide for Retailers participating in Tourist Refund Scheme Scheme
• GST: Guide for Property Developer
• GST: Guide for Advertising Industry
• GST: Guide for the Banking Industry

Budget 2015 changes

• Pre-Registration GST Claims, change
• Listed Real Estate Investment Trust (REITs) and Listed Registered Business Trusts (RBTs)

Topics Covered

• Features and checklists
• Outline of goods and services tax
• Supply, time, place and value
• Input tax and output tax
• Exempt supplies
• Partial exemption
• Zero-rated supplies
• Imports of goods
• Imports of services — “reverse charge” scheme
• Margin scheme
• Bad debt relief
• Special cases
• Other specific cases
• Accounting for goods and services tax
• Managing of compliance for goods and services tax
• Invoices and records
• Returns and payment of tax
• Offences and penalties