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unit 4 - Coggle Diagram
unit 4
Key requirement of the goods and services tax (GST) act in singapore
GST is also levied on the import of goods
Certain goods and services exempted from the scope of GST
supply of digital payments tokens
import and local supply of investment precious metals
Provision of financial services
sale and lease of residential properties
GST is applicable to the supply that is received in singapore, GST is not applicable in the case of personal transactions of a supplier
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
goods exported and services offered to overseas clients are exempted from the GST which means that no tax is charged on them
GST is only charged by GST-registered businesses, a business MUSTTTTT register for GST if its annual turnover exceeds $1 MILLION DOLLARS
GST registered business can claim credit for the GST that It has paid for its inputs (called input tax) na offset it against the GST that it has collected from its customers (called output tax)
the business selling the goods or services is responsible for collecting the tax and for paying it to IRAS
Organisational procedures of order processing
handing pricing problems
identifying deflects in products and shortfall in services when being processed for sale
identifying and checking of prices of goods and services
offering current discounts and special offers
Procedures for handling different types of payments
handling cash payments - FOREIGN CURRENCY
highlight the store's exchange rate to the customer clearly
seek and confirm the customer's agreement
accept only foreign currencies that are accepted by the store
use in-house rates if it is company policy
seek the assistance of another staff to verify the conversion computation
handling non-cash payments
authorization protocol for non-cash payments
discount an voucher payment
suspected fraud of non-cash payment
Checking for stolen cheques, credit / debit charge cards
safety procedures for cheque payments
ensure the cheque is not post-dated
ensure the amount written in words tally with the amount written numbers
look for signs of tampering, like smudging and tear in suspicious places
check that the payee and the amount are correct
look at security features on the cheque
check that the cheque is crossed by drawing two parallel lines across the top-left hand corner of the cheque
check and see if the edges are cleanly cut and square
ensure that the word "BEARER" is crossed out
safety procedures for credit card payments
check credit status of the customer and validity of credit card
follow company procedure for handling non-cash payments
verify customer's identification
tactfully inform the customer when authorisation for payment cannot be obtained
Handling cash payments
counterfeit currency
Feelin the texture of the dollar notes (should be slightly rough)
checking for watermark and security thread under light
checking the quality of the print (ink should not smudge)
count currency in front of the customer to prevent any misunderstanding over the amount of cash
separate denominations and have a fixed method of counting (eg largest to smallest), run through an adding machine if there are large number of notes
check for torn or defaced notes with handwriting or drawing, tactfully inform the customer if it is company policy to reject such notes
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 / services
asking or clarifying with the customer what he really wants
paraphrasing customer requirements to get specific information
checking for specific considerations, for example, preferred delivery time or attaching a gift note
repeating the order item by item to the customer for comfirmation
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
quantity of products
expected delivery date/time
product information/details
methods of shipment
issuing invoice
organisational requirements of order processing
lead time
follow-up action if order cannot be fulfilled in time
informing the customer at appropriate intervals on the progress of the order, (e.g. order tracking app available to the customer for self-monitoring of the progress
notifying with clear justification if the order cannot be delivered in time/cannot be met
giving correct delivery information to customers