Since April 1994, Goods & Services Tax (GST) has been an integral aspect of the consumer and business world. As Singapore continues to evolve and grow, regulations involving the GST rates, filings and paperwork are constantly updated, changed and improved upon.
For business owners, this may prove to be a challenge. On top of staying alive in the competitive landscape of the respective industry, they have to stay updated on the GST regulations.
Hence, it is recommended for business owners to avoid the risk of being put in the vulnerable position of owing penalty fees. Our team of GST specialists are here to help provide you with top notch GST Audit Services.
Get Help From Us For GST Audit
What is a GST Audit? An audit process in Singapore’s GST context involves a check by government officials on your day-to-day business transactions. IRAS officers are here to check and ensure that your GST returns are properly, correctly and accurately reflected and reported.
This means that they will be looking for
- any lapse in paperwork,
- to see if your GST is properly charged, and properly accounted for
- any error in claiming input tax
- supplies are classified accurately
GST Audits can be conducted through emails, letters or in-person. The key thing is that officers will be requesting for documents and interviews with key personnels of the company. This is the time-consuming aspect of GST audits.
The verification and submission of paperwork takes up precious time from our clients, which can be costly.
Frequently-Asked Questions About GST Audits In Singapore
What to Expect During a GST Audit?
- Any Singapore company can access their own respective tax records to view their statement of accounts on myTax.iras.gov.sg with CorpPass. There is also an assisted checklist, known as Assisted Self-Test Kit (ASK) to help GST registered businesses to self-assess their compliance with the regulations.
What is the GST compliance rating score?
- The GST compliance rating is a score given by the government by Government to determine and access how compliant Singapore businesses are with the tax filing procedures. Errors in tax filings or lapse in paperwork can often cause a fall in compliance rating score. This compliance rating score is used as a yard stick and benchmark for external parties to rate the financial health of companies.