Understanding Of Goods And Services Tax GST For Manufacturing Sector

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Private Class from

2400/day

(2 Days)

BENEFITS

Upon completion of this programme, participants will be able to:

  • Acquire and understand the key elements of GST and its mechanism
  • Analyze and understand its effects on business operations
  • Provide general principles and guide of GST on manufacturing
  • Keep updated on the GST legislations and requirement
  • Analyze and understand its effects on business operation and transitional issues
  • Acquire the general concept and overview of the GST, accounting treatment and computation of manufacturing GST input and output tax
  • Know the GST impact on the existing accounting and IT system

INTRODUCTION

This GST training program will allow the participants to acquire and understand the key elements of GST and its mechanism, analyze and understand its effects on the business operations as well as provide general GST guide on the construction industry and property development. It is critical for business entrepreneur and other operating unit heads to keep updated on the GST legislations and requirement, analyze and understand its effects on the business operation and the transitional issues. Participant will acquire the general concept and overview of the GST, accounting treatment and computation of GST in term of input and output tax and GST impact on the existing accounting and IT system.


AUDIENCE

This program is suitable for Accounting staff, business entrepreneur, operation executive, marketing, logistics, procurement, human resource personnel, manufacturers, business planner, product manager, factory manager and executive, contract executive and general managers.


METHODOLOGY

This stimulating program will maximize the understanding and learning through lectures supported by power point presentations, discussions and examples.

SALES AND SERVICE TAX (SST)
  • Legislation For Current SST
  • Scope Of Sales Tax And Service Tax
INTRODUCTION OF GST
  • Reasons For Implementation
  • GST Impact On Prices
  • Price Control And Anti-Profiteering Act
GENERAL FRAMEWORK OF GST
  • Scope Of Tax
  • Impact On Pricing To Individual Consumer (Current Sales Tax Vs. GST)
BASIC FUNDAMENTAL OF GST
  • Scope Of Tax
  • Place Of Supply
  • Reverse Charge
  • Value Of Supply
  • Supply Of Services
  • Time Of Supply/Tax Point
  • Basic Tax Point
  • Exception Of General Rules
  • Consignment Sale
  • Sub-Contract Work Or Farming In/Out
HOW DOES GST WORKS?
  • Taxable Person
  • Output Tax – Standard-Rated Supply
  • Zero-Rated Supply
  • Exempt Supply
  • Out Of Scope
  • GST Computation
LIABILITY TO REGISTER AND DEREGISTRATION
  • Mandatory And Voluntarily Registration
  • Group Registration
  • Branch Registration
  • Deregistration
ACCOUNTING OF GST
  • Taxable Period
  • Accrual (Invoice) Basis
  • Payment (Cash) Basis
  • Issuing Tax Invoices
  • Input Tax Credit Mechanism
  • Condition Governing Input Tax Claim
  • Apportionment Of Input Tax – Standard Method
  • De Minimis Principle
  • Annual Adjustment/Longer Period Adjustment
  • Filling GST Return
  • Paying GST
  • Claim GST Refund
ADJUSTMENTS UNDER GST
  • Adjustment To Input Tax And Output Tax
  • Adjustment Due To Issue Debit Note, Credit Note And Discount
  • Adjustment For Bad Debt Relief And Subsequent Repayment
  • Formula Bad Debt Relief
PERTINENT TREATMENT FOR MANUFACTURING INDUSTRY
  • Capital Assets Used For Making Mixed Supply
  • Capital Goods Adjustment (CGA)
  • Tolls Manufacturing Activities
  • Defective Or Inferior Goods Return
  • Manufacturer Acquire Services From Overseas
  • Machinery Acquired Under Hire Purchase Agreement Or Lease
  • Imports Of Material Bill In Foreign Currencies
  • GST Treatment On Imported Trade Samples
  • Goods Sold Under Warranty
  • Disposal Of Capital Asset
  • GST Treatment On Disposal Of Manufacturing Waste
GST IMPLEMENTATION APPROACH/CHALLENGES
  • GST Impact Study
  • Transaction Analysis
  • Review Of Transitional Contract
  • Analysis Of Employee Benefit
  • Documentation Review
  • IT/System Review
  • Implement And Execute Key Task
  • Post Implementation
TRANSITIONAL ISSUES
  • Special Refund For Sales Tax On Stock And Inventory
  • GST On Employee Benefit
  • Goods Given Free To Employees
  • Supply Of Goods Under Gift Rule
SPECIAL RULES
  • Warehouse Scheme
  • Approved Trader Scheme (ATS)
  • Relief For Second Hand Goods

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