Practical Guide on GST Accounting, GST-03 Submission and Audit Investigation
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Carriera Academy Sdn Bhd
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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.
Objectives
At the end of this 2-day programme, participants will be able to:
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Grasp and understand the concept and mechanism of GST
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Implement GST effectively
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Meet the GST compliance obligations
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Submit GST accurately
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Understand GST Audit processes and thus, handle them more confidently
Outline
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
Speaker/s
Santhanasamy Subbiah
Mr. Santhana started his career with Ministry of Works under Design & Research Department and later move to the Highway Panning Unit. In the Ministry his main task was to appraise mega project on its viability that was funded
by World Bank. He was also involved in Urban Transport Study, National Axle-Load & Origin Destination Study in major towns and cities of Malaysia in collaboration with the Japan International Cooperation Agency (JICA).
He left government services and joined Sunway University to lecture Accounting & Finance related subjects for ACCA, CIMA, ICSA, CIM, CIPS and MBA programmes (University of New Castle Australia, Herriot Watt University UK, and
Open University Malaysia, Asia Pacific International University).
He then moved to corporate world and joined the finance division of South East Asia Insurance and spear headed the budget team and prepared the first ever budget in the history of the company. His other tasks include that of
the submission of Cash Flow and Asset Movement Statement to Bank Negara Malaysia. He was one of the advisors for the automation and implementation of the accounting systems (Powercom) in the company. He joined Kris Pahlawan, a shipping company and headed their
Finance, Administration and Human Resource Department. His main task was to list the company through the Second Board of the Kuala Lumpur Stock Exchange.
He later joined iCIMB, to head the finance division of a wholly owned subsidiary of CIMB Bank that is involved in the Bank Back Office Outsourcing Operations. As a pioneer he developed the Standard Operating Procedures and the
Process Flow of the Bank Back Office Operations. He developed the Accounting, Administrative, Human Resource and the Budget manuals. He created various cost and profit centers to evaluate and appraise the respective center managers’ performance applying Balance
Scorecard principles. He architect and designed the establishment of the Finance Division of iCMB. His other tasks include that of to draw up the Master Service and Supply Level Agreements with consultants from EDS. These achievements have stood the test of
time and adhere to good corporate governance and regulatory requirements.
He served as a Group Financial Controller with Novabrite Lighting Sdn Bhd, a High Intensity Discharge Lamps Manufacturer and later joined Mahmood Security as its Chief Financial Officer. During his term with Mahmood he set up
the cash centre to run the cash disbursement services (ATM) for Maybank and CIMB. Later he moved to JR Joint Resources Holding, a manpower outsource company with a workforce of 10,000 as a Group Financial Controller. He was overseeing 14 subsidiaries on matters
pertaining to Finance, Administration and Human Resources.
After serving in the corporate world for more than 30 years, he moved to academic arena to assume the position as a Dean of the School of Accounting and Finance with Binary University. Here he was instrumental in getting number
of accreditations from Professional bodies and Foreign Universities. He was in Indonesia for 2 years as the Head of Internal Audit with IJM Plantations overseeing the entire Indonesian Operations.
As a self starter with his vast experience in numerous industries he is today a trainer and a principal consultant of GST for number of companies. He is no novice to GST. He has worked closely with Price WaterHouse Coopers on
matters pertaining to Indirect tax on behalf of iCIMB since 2005 and contributed valuable inputs during their discussion with Ministry of Finance on matters pertaining to the implementation of GST.
He is now the official GST Consultant for Malaysian Indian Network of Entrepreneur Association. Besides that he is currently the GST Consultant for Harper Wira Sdn Bhd, Matco Malaysia Sdn Bhd, Matco Services Sdn Bhd, Essem Group,
Qatar Airways, Ercon Berhad, Defensive Driving & Riding Centre Sdn Bhd, Protext Construction (M) Sdn Bhd, Laurelsoft Solutions Sdn Bhd, Sri Matrix Construction Sdn Bhd and many more.
Santhanasamy holds an MBA majoring in Finance from University Putra Malaysia. He is a member of the Chartered Accountant of Malaysia, Chartered Management Accountant of UK, and an Associate Member of the Malaysian Institute of
Management. He is a Certified Trainer of HRDF and a MIA GST speaker.
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