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GST ASK - Trends and updates

Smart people learn from their mistakes. Geniuses learn from others. Adopting the GST Assisted Self-help Kit (ASK) for your business? Be a ge

Documents to Support Out-of-scope Supplies

Out-of-scope supplies refer to supplies which fall outside the scope of the GST Act, such as third country sales of goods which do not enter Singapore. GST is not chargeable on out-of-scope supplies and they need not be reported in the GST return. GST-registered businesses are required to maintain documents on their sales and purchases. To provide clarity on the type of documents that businesses are required to maintain for their out-of-scope supplies, IRAS has published

MES status granted on a 5 yearly basis

Major Exporter Scheme ("MES") To reduce the compliance costs for businesses, the IRAS has extended the MES status period from the current 3 years to 5 years. Qualifying businesses renewing their MES statuses will now enjoy a 5 year cashflow benefit provided they submit a certified Assisted Self-help Kit ("ASK") Declaration Form. The IRAS also encourages businesses to conduct an annual self-review using the ASK as a compliance health check on the GST returns filed. For assista

GST Assisted Self-help Kit (ASK) Enhancement

IRAS has enhanced the ASK, principally, on Sections 1 & 2 of the ASK such that it is now easier to complete these 2 sections. Section 3 of the ASK remains the same with cosmetic updates to the templates. For Section 1: - It takes between 15 - 20 minutes to complete and comprises 4 modules. - It also has a percentage of completion "bar" at the top of the page. Our comments: There is a nifty score at the end and a summary of the issues / gaps for enhancement. This summary is a

GST Pu!se Special Edition: "Survival Guide for the Major Exporter Scheme (MES)"

GST Pu!se Special Edition: "Survival Guide for the Major Exporter Scheme (MES)" will be released next month. Subscribe now to receive this update. What is it about? It is Major Exporter Scheme (MES) peak season again! Unlike the previous renewals (where only a checklist was required), you are now required to use the IRAS Assisted Self-help Kit (ASK). Fret not, as we share with you quick tips based on our experience in helping our clients renew their MES statuses thus fa

Survival Guide for MES using IRAS ASK

Our latest GST Pu!se - Survival Guide for the Major Exporter Scheme (MES) is published on SIATP's website. We provide quick tips on how to survive the new MES renewal process using the IRAS Assisted Self-help Kit (ASK). Specifically, the link can be found at: http://www.siatp.org.sg/images/PDF/survivalguideformes.pdf If you need assistance with your MES renewal or application, please do not hesitate to contact us at Tel: 6652 5509 or email GSTPulse@GSTaxConsultancy.com #mes #

Update on ASK and renewal of the MES

The GST Assisted Self-help Kit (ASK) is a self-assessment package for GST-registered businesses to manage their GST compliance. From 1 January 2013, the ASK declaration form has to be certified by either: (a) Your own in-house staff; or (b) External tax professional, who is accredited as an Accredited Tax Practitioner (GST) or Accredited Tax Advisor (GST) with the Singapore Institute of Accredited Tax Professionals ("SIATP"). Further, the completion of the ASK is required