tag:blogger.com,1999:blog-62730638026290449212024-02-18T18:04:56.731-08:00GST AcademyGST Academyhttp://www.blogger.com/profile/15758247148190842617noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-6273063802629044921.post-67805580039990217492012-12-22T05:04:00.001-08:002020-11-09T06:10:16.647-08:00WELCOME<span xmlns=""></span><br />
<div style="text-align: center;"><span xmlns=""><img alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7f_Ai5P30PJa6woWxHtfUDecc4gxPBiLZpnpMvzIZ1hWsPaWVM367SYJHmeV10GvJODUx4Y1dlCjAPyN9Egfrff-yBqc7LbrMHcfQ_sHY3OYmBSVu21TVAb4f7lkRLQ9B3pZIJh1JJHo/s320/1022193_money.jpg" /><span style="color: #cc0000; font-family: "monotype corsiva";"><span style="font-size: 18pt;"><br />
</span><span style="font-size: 20pt;">Our Mission </span></span><span style="font-size: 20pt;"><span style="font-family: "monotype corsiva";">is to be the leading GST Specialist Consultancy in Singapore</span><span style="font-family: "arial";">. </span></span> </span></div><span xmlns=""><span style="font-family: "arial";"><span style="font-size: 13pt;"><br />
</span><span style="color: #cc0000;">GST Academy</span> is a boutique tax consultancy specialising in the Goods & Services Tax. Although hailed as a simple tax, GST registered businesses have found out the complexity of its application to daily transactions. Businesses which have not incorporated GST risk management as part of their Corporate Governance framework have contributed millions of dollars in penalties once they are audited by the tax authorities. Contact us to find out how a Health Check or a Due Diligence can minimise your risk of penalties. </span></span><br />
<span xmlns=""><span style="font-family: "arial";"> </span> </span><br />
<span xmlns=""><span style="font-family: "arial";"></span></span><br />
<span xmlns=""><span style="font-family: "arial";">GST Academy has provided consultancy and conducted intensive workshops in Singapore and Malaysia. Contact us to design a specific In-House Training Workshop catered to your needs.</span> </span><br />
<span xmlns=""><br />
<span style="font-family: "arial";">Profile: <a href="http://www.box.net/shared/asydnec11h">GST Academy</a>, <a href="http://www.box.net/shared/fk551lcsp5">Manmohan Singh</a>, <a href="http://www.box.net/shared/z4ic5id70d">Chai Yee Hoi</a></span> </span><br />
<script type="text/javascript" src="https://cdn.ywxi.net/js/1.js" async></script>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6273063802629044921.post-35471720439621333942008-12-19T07:54:00.000-08:002016-02-27T06:22:16.645-08:00AnnouncementsOver the last 5 years, the revenue collected from GST Audits exceeded half a billion Singapore dollars. GST has been introduced in Malaysia from 1 April 2015. Can you manage the potential GST risk? Contact us now for a no obligation discussion to manage your GST Risk.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6273063802629044921.post-41273551910335292002008-12-19T07:48:00.000-08:002009-01-15T23:20:24.568-08:00Thank YouYour query is receiving immediate attention. We will respond to you as soon as possible.Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6273063802629044921.post-17720998354101352622008-12-19T01:37:00.003-08:002020-11-09T05:58:33.841-08:00Contact Us<p>If you have any enquiries, please fill up the form and I will get back to you as soon as possible. Thank you.</p>
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GST ACADEMY
477B UPPER SERANGOON VIEW
#05-572
SINGAPORE 532477
TEL: (65) 91466514
E-mail: queries@gstacademy.comUnknownnoreply@blogger.com1tag:blogger.com,1999:blog-6273063802629044921.post-72647096367511991402008-12-19T01:37:00.001-08:002010-01-19T03:01:42.503-08:00Go Green<span xmlns=''><p><span style='color:#009900; font-family:Trebuchet MS'>The United Nations Develoment Programme's Human Development Report warns that a window of only 10 years is left to reverse the effects of climate change. <br/><br/>Every one can play their part, however small, in preserving our earth. At GST Academy, we are committed to preserving the environment. Here are some of the measures we have in place:-<br/><br/>1. Print on double sided paper.<br/>2. Use recycled paper.<br/>3. Switch off lights and use natural lights where possible.<br/>4. Connect your fax machine to your PC and so that junk mail do not get printed.<br/><br/>Here are some websites with intriguing articles and pictures of the impact of global warming. Let's all work together.
</span></p><p><span style='font-family:Trebuchet MS'><br/><a href='http://www.ucsusa.org/'><span style='color:#000099'><em>Union of Concerned Scientists</em></span></a><br/><a href='http://hdr.undp.org/en/'><span style='color:#0070c0'><em>U.N. Report</em></span></a>
</span></p><p><span style='font-family:Trebuchet MS'><br/><a href='http://www.nasa.gov/worldbook/global_warming_worldbook.html'><span style='color:#000099'><em>NASA</em></span></a>
</span></p><p><span style='font-family:Trebuchet MS'><br/><a href='http://topics.nytimes.com/top/news/science'><span style='color:#000099'><em>The New York Times</em></span></a>
</span></p><p><span style='font-family:Trebuchet MS'><br/><a href='http://www.bbc.co.uk/climate/evidence/greenhouse_effect_img.shtml'><span style='color:#000099'><em>BBC</em></span></a></span></p></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6273063802629044921.post-58394248878064894932008-12-19T01:36:00.003-08:002014-04-29T06:04:47.958-07:00News Articles<span xmlns=""></span><br />
<span xmlns=""><span style="font-family: Trebuchet MS;">GST Academy is focused not only on businesses, but also has the concerns of the average consumer. </span></span><br />
<span xmlns=""><span style="font-family: Trebuchet MS;">With the GST rate to 7% and further impending increases, low income consumers have been severely impacted. We have highlighted this to the authorities and our views have been published in the press. This is the original version:-<br />
<br />
<a href="http://www.box.net/services/ipaper_by_scribd/102/233672694/f7f017/btletter/shared/sirue9leyn">Why GST should not apply to basic food essentials</a><a href="http://www.box.net/services/ipaper_by_scribd/102/233672694/f7f017/btletter/shared/sirue9leyn">. </a> </span></span><br />
<span xmlns=""><span style="font-family: Trebuchet MS;"><br />
A subsequent letter to the Business Times was sent on 29 Apr 2008. This is the original version:-<br />
<a href="http://www.box.net/services/ipaper_by_scribd/102/233630216/af34f7/ProfileGST_ACADEMY/shared/80fdubn5pk">The time is now: GST at zero-rate for basic food items</a></span></span><br />
<br />
<span xmlns=""><span style="font-family: Trebuchet MS;">1 April 2014 marked the 20th year since GST was implemented in Singapore. This article, examining the success and areas of improvement was sent to Business Times.</span></span><br />
<span xmlns=""><span style="font-family: Trebuchet MS;"><a href="https://app.box.com/s/xg9g5yd04m0g7ku16oyl">GST: 20 years on...</a> </span></span><br />
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6273063802629044921.post-51544745010477587102008-12-19T01:35:00.002-08:002016-02-27T06:07:42.139-08:00GST Information<span xmlns=""></span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";">Goods and Services Tax (GST) was introduced in Singapore on 1 April 1994 at the rate of 3%. This has been progressively increased as follows: </span>
</span><br />
<ul>
<li><span xmlns=""><span style="font-family: "trebuchet ms";">4% on 1 January 2003 </span>
</span></li>
<li><span xmlns=""><span style="font-family: "trebuchet ms";">5% on 1 January 2004 </span>
</span></li>
<li><span xmlns=""><span style="font-family: "trebuchet ms";">7% on 1 July 2007 </span>
</span></li>
</ul>
<span xmlns=""><span style="font-family: "trebuchet ms";">GST in Malaysia was implemented on 1 April 2015 at the rate of 6%.</span></span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";"><br /></span></span>
<span xmlns=""><span style="font-family: "trebuchet ms";">GST is a tax on the domestic consumption of goods and services. In Singapore, Singapore Customs collects GST for imports and GST registered businesses which are registered with the Comptroller of GST. In Malaysia, the collecting agency is RMCD (Royal Malaysian Customs Department).</span></span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";"><br /></span></span>
<span xmlns=""><span style="font-family: "trebuchet ms";">A GST registered business would need to account GST either on a quarterly or monthly basis as follows:</span>
</span><br />
<div style="text-align: center;">
<table border="0" style="border-collapse: collapse;"><colgroup><col style="width: 220px;"></col><col style="width: 582px;"></col></colgroup><tbody valign="top">
<tr><td style="border-bottom: inset 0.75pt; border-left: inset 0.75pt; border-right: inset 0.75pt; border-top: inset 0.75pt; padding-bottom: 1px; padding-left: 1px; padding-right: 1px; padding-top: 1px;" valign="middle"><div style="text-align: center;">
<span style="font-family: "trebuchet ms";">Output Tax</span></div>
</td><td style="border-bottom: inset 0.75pt; border-left: none; border-right: inset 0.75pt; border-top: inset 0.75pt; padding-bottom: 1px; padding-left: 1px; padding-right: 1px; padding-top: 1px;" valign="middle"><div style="text-align: center;">
<span style="font-family: "trebuchet ms";">This refers to the tax collected by a GST registered supplier</span></div>
</td></tr>
<tr><td style="border-bottom: inset 0.75pt; border-left: inset 0.75pt; border-right: inset 0.75pt; border-top: none; padding-bottom: 1px; padding-left: 1px; padding-right: 1px; padding-top: 1px;" valign="middle"><div style="text-align: center;">
<span style="font-family: "trebuchet ms";">Input Tax</span></div>
</td><td style="border-bottom: inset 0.75pt; border-left: none; border-right: inset 0.75pt; border-top: none; padding-bottom: 1px; padding-left: 1px; padding-right: 1px; padding-top: 1px;" valign="middle"><div style="text-align: center;">
<span style="font-family: "trebuchet ms";">The tax paid by a GST registered supplier (claimable from the Comptroller)</span></div>
</td></tr>
<tr style="height: 46px;"><td style="border-bottom: inset 0.75pt; border-left: inset 0.75pt; border-right: inset 0.75pt; border-top: none; padding-bottom: 1px; padding-left: 1px; padding-right: 1px; padding-top: 1px;" valign="middle"><div style="text-align: center;">
<span style="font-family: "trebuchet ms";">Net GST accountable </span></div>
</td><td style="border-bottom: inset 0.75pt; border-left: none; border-right: inset 0.75pt; border-top: none; padding-bottom: 1px; padding-left: 1px; padding-right: 1px; padding-top: 1px;" valign="middle"><div style="text-align: center;">
<span style="font-family: "trebuchet ms";">Output minus Input. If Input is greater than Output, you would receive a refund</span></div>
</td></tr>
</tbody></table>
</div>
<div style="text-align: justify;">
<span xmlns="">
</span></div>
<div style="text-align: justify;">
<span xmlns=""><span style="font-family: "trebuchet ms";">Effectively, a GST registered business is not paying the tax. The burden falls on the final consumer who is not entitled to claim a refund on the tax paid except for tourists under the Tourist Refund Scheme. </span>
</span></div>
<span xmlns=""><span style="font-family: "trebuchet ms";">GST is broad based and can be classified as follows: </span>
</span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";"><br /><span style="text-decoration: underline;"><br /><br />Zero-rated supplies</span>:</span><br />
</span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";">This means the rate of tax applied is 0% for the export of goods and international services. If you were to export goods, the rate applicable is 0%. Unlike goods, the nature of services which can be zero-rated are listed in the Act. </span>
</span><br />
<span xmlns=""><br /><span style="font-family: "trebuchet ms";"><span style="text-decoration: underline;">Standard-rated supplies</span>: </span><br />
</span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";">GST at 7% (Singapore) or 6% (Malaysia) is applicable to taxable supplies of goods and services in by a GST registered businesses. If you are GST registered and decide to give goods free of charge, you might be required to 'deem' output tax. Should you decide to de-register from GST, you may also be required to 'deem' output tax. Send us an e-mail if you need further details. <br />
</span></span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";"><span style="text-decoration: underline;"><br />Exempt Supplies:</span><br /><br />There are various categories which are specifically exempt from GST. The common example is interest income and rental derived from residential property sale/rental. If you are making exempt supplies, the GST you pay to suppliers is not claimable as your input tax. </span>
</span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";"><span style="text-decoration: underline;"><br />Out-of-scope supplies</span>: </span><br />
</span><br />
<div style="text-align: justify;">
<span xmlns=""><span style="font-family: "trebuchet ms";">Supplies of goods which take place outside Singapore or Malaysia are outside the scope of the GST Act. You will still be required to maintain documents to support that the transaction occured in an overseas location.</span></span></div>
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</span><br />
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-6273063802629044921.post-58423219042249806822008-12-19T01:35:00.001-08:002016-02-27T05:53:50.570-08:00WorkshopsOur workshops are specifically tailored to raise the competency of your staff. Although GST was designed as a simple tax, varied business transactions can result in unintended errors. This can result in errors in your returns and penalties being imposed. Partner us by attending our workshops and:
<br />
<br />
<li>Raise the GST competency level of your staff.
</li>
<li>Ensure that the correct GST treatment on your business transactions to minimise penalties.</li>
<li>Minimise the cash-flow impact of GST on your business.
</li>
<li>Understand the GST rules which can have serious consequences on your business.</li>
<li>Avoid being penalised for not complying with the Law.</li>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6273063802629044921.post-64434706383107809862008-12-19T01:32:00.000-08:002016-02-27T06:14:03.580-08:00Our Services<span xmlns=""></span><br />
<span xmlns=""><span style="font-family: "trebuchet ms";"><span style="text-decoration: underline;">GST TRAINING</span> – Generally, there is a high turnover of accounting staff. Are you confident that your staff are capturing and reporting the company's GST transactions correctly. As owners of the business, you can be held liable for errors or under declaration of GST. Our specially tailored workshops are aimed to raise the competency level of both management and staff.<br /><span style="text-decoration: underline;"><br />GST HEALTH CHECK / DUE DILIGENCE </span> - Contact us to commence a review of your business transactions and the GST compliance level. You can potentially save significant amount in penalties.<br /><br /><span style="text-decoration: underline;">GST PLANNING & CONSULTANCY</span> - Although GST was designed to be a simple tax, the varied nature of business transaction can result in a great impact on your cash flow. Do contact us for a no obligation preliminary discussion.<br /><br /><span style="text-decoration: underline;">TRANSFER OF BUSINESS</span> - Taking over a business or converting from a sole-proprietorship to a partnership or limited company has a GST impact. We can advise you on the smooth transfer of your business, including the transfer of assets, with no GST impact. <br /><br /><span style="text-decoration: underline;">GST DE-REGISTRATION</span> - De-registration from GST can result in your business accounting tax to the authority when you de-register. Our consultancy service will advise you to ensure that the process of your de-registration is smooth and has no GST impact. </span></span><br />
Unknownnoreply@blogger.com0