GST System Changes Newsletter
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GST Accounting on Employee Benefits
- Written by Stanley K Wong
- Category: GST System Changes Articles
Recently many GST registrants received a letter to request to update GST registration details as GST-01 is not in-line with current GST operation of the GST registrant. There are six items that can update in registration details.
However, the most significant update would be the Supply %. After two years of GST operation, many GST registrants will have different business model as compared to the registration in 2014 or early 2015. As such, this deviation from the supply % shall update to RMCD so that proper GST data analytics can draw from GST-03 submission.
The update registration detail requires the disclosure of the following items:
- Standard Rated Supply
- Zero Rated
GST registrant can use the past GST-03 submission to draw a chart on 12 taxable periods or all quarters. Then GST registrant can observe whether the supply % between each supply has changes as compared to GST registration. The following image shows a sample chart. Click for the enlarge image.
The first chart is the supply % calculation using the past GST-03, either monthly or quarterly. There are four types of supplies disclosure here:
- Standard Rated Supply
- Zero Rated (includes Relief Supply and Local Zero Rated Supply)
- Exempt Supply
Other supplies that do not disclose in the GST-03 will not use in the calculation.
There are two potential patterns of the long term supply % trend.
- Consistent supply % across monthly taxable periods or quarter periods. Then GST registrant draws the one year trend to compare with the initial registration detail as per GST-01. If the change is significant, then GST registrant can prepare a letter with company letterhead and proceed to update supply %
- Inconsistent supply % across monthly taxable periods or quarter periods. If the supply % fluctuates on every taxable period, then annualize or quarterized calculation of supply % will be used. GST registrant can base on the pie chart to inform RMCD with company letter on the changes in supply %.
SWPC Rapid Contact
Mr. Stanley Wong Kah Leong
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