GST Assisted Self-help Kit (ASK)
This information is applicable to your business if :
(1) You have been invited by IRAS to participate in GST ASK.
(2) You are applying/renewing GST Special Schemes such as Major Exporter Scheme (MES), Import GST Deferement Scheme (IGDS), or Approved Contract Manufacturer & Trader (ACMT) Scheme.
(3) You are undertaking GST ASK voluntarily to enhance your GST compliance.
From 2016, IRAS has been sending invitations to businesses to conduct a self-review using the GST Assisted Self-help Kit (ASK).
GSTax Consultancy has extensive experience in performing GST ASK, including handling and managing the IRAS officers to ensure a smooth conduct of the GST ASK. Our staff are GST tax professionals accredited with the Singapore Institute of Accredited Tax Professionals (SIATP).
Selection of our Clients
Yamaha Motor Group, Seraya Energy Group, Nestle Group, TNT Express Worldwide, Eaton Group, Panasonic Group, Hochiki Corporation, MSD Engineering, Leica Geosystems, Subsea 7, Rokko Group of companies & Orange Business Services
What does the GST ASK entail?
The GST Assisted Self-help Kit (ASK) consists of three sections:
Section 1 – "GST Practices" are essential requirements and good practices that businesses can include in their internal processes.
Section 2 – "Pre-filing Checklists" are a set of questions and answers for businesses to go through before filing the GST return to avoid making errors. It includes 6 different checklists.
Section 3 – "ASK Annual Review" is for a self-review on the GST returns filed in the past financial year(s). The ASK Annual Review involves reviewing a 12 month period. Additionally, sample testing of transactions for a 3 month period out of the 12 month period of review is required to verify that the GST treatments adopted are correct and the documentation maintained are valid and sufficient for GST purposes.
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Benefits of GST ASK Annual Review
The GST ASK enjoys benefits under the Voluntary Disclosure Programme (VDP). The main benefit of the VDP is that penalties will be waived or imposed at a lower rate of 5% (as opposed to 200% in a normal IRAS GST audit situation).
How Much Time is Needed to Complete the ASK Annual Review?
As the ASK Annual Review is intended to be a comprehensive review, the work will take between 1 and 3 months to complete.