Accurate GST reporting starts with having good practices and internal processes.
This section highlights the GST Practices within each building block (i.e.
People,
Record-Keeping,
Systems,
Internal Controls) which a business can adopt to ensure GST compliance. They are key references for assessing the adequacy of the business’ internal GST processes.
Each building block of GST Practices can be mapped onto an ascending scale of compliance, i.e. ‘Essential Requirements’ and ‘Good Practices’. To contain GST risks from the onset, businesses are encouraged to improve their internal processes along the scale of good practices and hence strengthen their GST compliance.
What are ‘Essential Requirements’?
All GST-registered businesses should minimally meet the ‘Essential Requirements’, which is the most basic statutory responsibilities and obligations.
What are ‘Good Practices’?
‘Good Practices’ is for GST-registered businesses to adopt if they wish to enhance their existing level of compliance.
Find out more on the ‘Essential Requirements’ and ‘Good Practices’ in
ASK: GST Practices (324KB).