RM1,273.05 – RM1,380

Practical Guide on GST Accounting and GST-03 Submission and Audit Investiga...

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Holiday Inn

Glenmarie

Shah Alam, Selangor 40250

Malaysia

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HRDF SBL-Claimable


INTRODUCTION

The mechanism of GST may look simple on paper; its impact on businesses can be significant. It can be complicated in certain cases and for certain industries or businesses. Companies need to budget for cost of implementing GST, manage cash flow as GST is paid on an accrual basis, determine the necessary changes required for existing documentation, analyze the capabilities of existing accounting system, understand transitional issues on supply of goods and services, train employees, impact on pricing of sales and supplies, legal implications of existing long-term contracts, etc. If companies do not manage GST implementation effectively and efficiently it will erode the margins. Many new employees/companies/business or even person-in-charge of GST currently are still unsure of the mechanism of GST. This programme will bring you back to the basics.


OBJECTIVE

At the end of this 2-day programme, participants will be able to:

  • Grasp and understand the concept and mechanism of GST
  • Implement GST effectively
  • Meet the GST compliance obligations
  • Submit GST accurately
  • Understand GST Audit processes and thus, handle them more confidently


COURSE CONTENT

Module 1: Understanding the Fundamentals of GST & Impact on Your Accounting Operations

  • GST Concepts & Principles
  • GST Accounting Process - How it differs with normal financial accounting rules?
  • Examining The Areas Where Different Accounting Treatment is Required
  • Accrual Basis V Cash Basis

Module 2: Accounting Treatment & Other Related Issues

  • Bad Debts Adjustments - Claims & Recovery
  • Prepayments / Deposits / Advances
  • Disbursements Vs Reimbursements
  • Shared Costs / Allocation Of Costs Within Group Of Companies / Directors Fee
  • Composite Supply & Mixed Supply
  • Inter-Company Transactions
  • Employee Benefits - Gift Rule Of RM500, Private Use of Business Assets, etc
  • Adjustments Requiring Debit Notes & Credit Notes
  • Hire Purchase & Credit Transactions
  • Blocked Input Tax - Passenger Motor Car/Family Benefits/Entertainments
  • Irrecoverable Input Taxes
  • Incidental Exempt Financial Supply
  • Imported Services - Reverse Charge Mechanism
  • Stock Control - Missing Stocks/Obsolete Stocks/Insurance Claims, etc

Module 3: Understanding the GST Accounting System & Process for GST Administration

  • Illustration of System Flow Chart From Data Entry To Production Of GAF & Tax Return GST- 03
  • 23 GST Codes & How They Are Linked To The 13 Critical Fields In The GST-3 Return Form
  • 13 Purchases (Input) Tax Codes)
  • 10 Sales / Supply (Output) Tax Codes
  • Importance of Getting Tax Codes Correct When Recording Transactions
  • Setting Up The Chart of Accounts To Create Tax Ledgers Under GST Environment
  • Setting Up GST Clearing & Tax Control Accounts
  • Identifying The Pitfalls / Problems Encountered During Setting Up Stage

Module 4: Monthly / Quarterly GST Tax Submission

  • GST-03 Returns Preparation & Submission (Monthly Or Quarterly)
  • Nature of Transaction Data & The Relevant Tax Code
  • Detail Analysis Of The 13 Critical Fields In GST-03 Return - Where The Data Is Extracted & What Are Tax Codes Applied For Each Field
  • Field 5a - Total Value Of Standard Rated Supply
  • Field 5b - Output Tax Inclusive Of Bad Debts Accounting Treatment Required Recovered And Other Adjustments

Module 5: GST Returns Preparation & Submission

  • Tax Codes Applied For Each Field
  • Field 6a - Value Of Standard Rated Acquisitions
  • Field 6b - Input Tax (Inclusive Of Bad Debts)
  • Field 7 - Amount Payable (Field 5b - Field 6b)
  • Field 8 - Amount Claimable (Field 6b-Field 6b)
  • Field 9 - Applicable For Option To Carry Forward GST Refund To Next Period
  • Field 10 - Value Of Local Zero-Rated Supplies
  • Field 11 - Value Of Export Zero Rated Supplies
  • Field 12 - Value Of Exempt Supplies
  • Field 13 - Supplies Granted GST Relief
  • Field 14 - Total Value Of Good Imported (ATS)
  • Field 15 - Value Of GST Suspended (ATS)
  • Field 16 - Value Of Capital Goods Acquired
  • Field 17 - Bad Debt Relief
  • Field 18 - Bad Debts Recovered Relief And Other Adjustments)

Module 6: RMCD Expectation for GST Audit

  • Audit and Assessment - Definition
  • Myths of GST Audit
  • Who Shall Be Audited
  • What May Trigger A GST Audit
  • Audit Process
  • Audit Period

Module 7: Implementation of Audit

  • Review of Preliminary Information
  • Notice for Audit Visit
  • Documents Required for Audit
  • Transaction Records to be Maintained for GST Audit
  • Audit Exit Conference

Module 8: Rights And Responsibilities of The Auditee

  • Responsibility of an Auditee
  • What an Auditee is Prohibited From
  • What an Audit Officer is Prohibited From
  • Complaints
  • Confidentiality of Information

Module 9: Types of Frauds

  • Signs of Evasion
  • Evasion of GST
  • Intention of Evasion
  • Key Revised Customs Guidelines Findings by Customs GST Audit Team
  • Summary of Audit Findings by Customs Audit Team

Module 10: Appeal to Tribunal

  • Function of the Tribunal
  • Appeal to the Tribunal
  • Voluntary Disclosure
  • Non-Appealable Matters
  • Advance Ruling



WHO SHOULD ATTEND

New Accounting Staff, Accounts Assistants & Executives, Secretaries, Accounts Managers, CFO, Key Finance Personnel or anyone who wishes to learn about GST
Register HERE
Download Brohure HERE
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Date and Time

Location

Holiday Inn

Glenmarie

Shah Alam, Selangor 40250

Malaysia

View Map

Refund Policy

No Refunds

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