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Deion mindmap Unit 4 - Coggle Diagram
Deion mindmap Unit 4
Characteristics of GST in Singapore
GST is only charged by GST - registered business. A tbusiness must register for GST if its annual turnover exceeds S$1 million
GST is applicable to the supply that is received in Singapore. The purpose is for the furtherance of a supplier's business. GST is not applicable in the case of personal transactions of a supplier
The business selling the goods or services is responsible for collecting the tax and for paying it to IRAS
GST is also levied on the import of goods (Singapore Customs). The tax is paid on the Value of Import which include any customer duty payable and the Cost, Insurance< and Freight (CIF) etc
Certain goods and services exempted from the scope of GSt are as followers
Provision of financial services
Supply of digital payment tokens
Import and local supply of investment precious metals
Sake and lease of residential properties
A GST registered business can claim credit for the GST that it has paid for its inputs (Input Tax) and offset it against the GSt that it collected from its customers (Output Tax) when calculating the GST tax amount due from the business to IRAS
Goods exported and services offered to overseas clients are exempted from the GST which means that no tax is charged on them. To prove that the transaction occured overseas, and not in Singapore, certain documents will have to be maintained
Cash Payment
Local Currency
Currency counted Infront of customer
Check for torn or defaced notes with handwriting or drawing
Check for counterfeit
Checking watermark and security
Checking for quality of printer
Feeling texture
Separate denominations and fixed method of counting
Foreign Currency
Seek and confirm customer agreement to use of the rate
Use-in-house rates if it is company policy
Highlight store exchange rate to customer clearly
Seek assistance of another staff to verify conversion computation
Accept only foreign currencies if is accepted by store
Authorsatin protocol for non-cash paymmet
Discount and voucher payments
Checking for stolen cheques, credit/ debit charge cards
Accepting credit card payments
Check credit status of customer ad validity of credit card
Follow company procedure for handling non-cash payment
Verity customer identification
Tactfully inform customer when authorisation for payment cannot be obtained
Accepting cheque payments
Check that cheque is crossed by drawing two parallel lines across the top left-hand corner of cheque
Ensure word "bearer" is crossed out
Ensure amount written in words tally with amount written in numbers
Ensure cheque s not post-dated
Signs of tampering, smudging and tear in suspicious place
Security features on cheque
Check edges are cleanly cut and square
Suspected fraud of non-cash payment
Handling E-payments
Electronic Point-of-Sales System (EPOS)
manual method of computing payment
Fulfilling order
Product Infomation/details
Quantity of products
Expected delivery date/time
Methods of shipment
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
Process of obtaining information on customer requirements for order fulfilment of goods/sevices
Paraphrasing customer requirements to get specific infomation
Repeating the order for item by item to the customer for confirmation
Checking for the specific considerations, for example, preferred delivery time or attaching a gift note
Follow-up action if order cannot be fulfilled in time
Giving correct delivery Infomations to customers
Notifying with cekar justification if the order cannot be delivered in time cannot be met
informing the customer at appropriate intervals on the progress of the order. An example I making the order tracking app available to the customer for self-monitoring of the progress