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SVE - Unit 4 - Coggle Diagram
SVE - Unit 4
Key Requirements of the Goods and Services Tax (GST) Act in Singapore
The business selling goods or services is responsible for collecting the tax and for paying it to IRAS;
GST is only charged by GST-registered businesses. A business must register for GST if its annual turnover exceeds S$1 million For small businesses that do not meet this threshold, GST registration is optional. Unregistered businesses do not need to collect GST nor remit it to the government;
GST is applicable to the supply that is received in Singapore.
GST is also levied on the import of goods (in this case it is collected by Singapore Customs).
Certain goods and services exempted from the scope of GST are as follows:
1) Provision of financial services, (example: issue/sale of shares). 2) Supply of digital payment tokens 3) Import and local supply of investment precious metals 4) Sale and lease of residential properties
Goods exported and services offered to overseas clients are exempted from the GST which means that no tax is charged on them.
A GST registered business can claim credit for the GST that it has paid for its inputs (called Input Tax) and offset it against the GST that it has collected from its customers (called Output Tax) when calculating the GST tax amount due from the business to IRAS
Organisational Procedures of Order Processing
Identifying and checking of prices of goods and services
Handling pricing problems
Identifying defects in products and shortfall in services when being processed for sale
Offering current discounts and special offers
Procedures For Handling Different Types of Payments
Handling Cash Payments
Handling Cash Payment - Foreign Currency
Handling Non-Cash Payments
Authorisation protocol for non-cash payment
Discount and voucher payment
Checking for stolen cheques, credit / debit charge cards
Handling E-Payments
Electronic Point-of Sales System (EPOS)
Manual Method of Computing Payment
Process of Obtaining Information on Customer Requirements for Order Fulfilment of Goods/
Asking or clarifying with the customer what he really wants
Checking the customer's transaction history with the business
Keeping a detailed record of the information obtained on the order
Required Information by Staff Who Process Orders
Fulfilling Order
Issuing invoice
Organisational Requirements of Order Processing
Lead Time
Follow-up action if order cannot be fulfilled in time