ASK is a self-assessment package which is designed to help GST-registered businesses effectively manage their compliance. It focuses on 3 key aspects:
- Put in place GST Practices comprising People, Record-Keeping, Systems and Internal Controls to properly handle the GST reporting of transactions;
- Assess through a Pre-Filing Checklist to ensure GST returns are correct before submission; and
- Conduct Annual Review of past GST returns for early detection of errors.
Features of ASK
There are 3 sections in the ASK package. Businesses may implement each section individually or put all 3 sections into practice.
Section 1 – GST Practices are essential requirements and good practices that businesses can include in their internal processes.
Section 2 – Pre-filing Checklists is a set of questions and answers for businesses to go through before filing the GST return to avoid making errors.
Section 3 – ASK Annual Review guides businesses on how to do a self-review of their GST returns filed in the past financial year(s).
Must all GST-registered businesses adopt ASK?
GST-registered businesses may adopt ASK on a voluntary basis.
If you are applying for GST schemes, such as the Import GST Deferment Scheme (IGDS), one of the qualifying conditions is that you* must perform a self-review under the ASK and submit the ASK declaration form, "ASK: Declaration Form on Completing Annual Review & Voluntary Disclosure of Errors".
* With effect from 1 January 2013, the ASK declaration form will need to be signed off by tax professionals who are accredited as an Accredited Tax Practitioner (GST) or Accredited Tax Advisor (GST) with the Singapore Institute of Accredited Tax Professionals ("SIATP"). For more information on accreditation, please visit www.siatp.org.sg.
If your GST compliance level is low, you will be required to adopt ASK to improve your GST compliance.
What are the benefits of adopting ASK?
You will enjoy the following benefits:
- Understand GST requirements on filing and record-keeping;
- Review correctness of GST submissions;
- Reduce risks of incurring penalties on errors made;
- Discover past GST errors early for timely disclosure to IRAS, and hence avoid or reduce penalties under IRAS Voluntary Disclosure Program; and
- Qualify for specific GST schemes, such as the Import GST Deferment Scheme (IGDS).