Common errors on input tax claims explained using an info video from IRAS
Around 3,000 GST-registered businesses are selected by the IRAS for audit every year. The most common mistakes discovered are incorrect input tax claims.
On average, more than $18,000 in GST and penalties are recovered yearly by the IRAS from each business due to such errors.
Get to know the common input tax errors made by businesses and learn how you can avoid them through the video below.
Common input tax errors video
(Note: about 14.5 mins long)