- IRAS released examples of common GST errors from 2024/25 audits
- Over 2800 audits completed, recovering SGP205m including penalties
- IRAS shares audit cases to highlight common errors and compliance gaps
- Businesses with poor GST oversight face higher risk of errors and penalties
- Strong GST governance helps avoid costly mistakes
- Guidance aims to help businesses avoid errors and make voluntary disclosures
- Voluntary disclosures incur no or lower penalties
- Example cases include failure to display GST-inclusive prices
- Non-genuine input tax claims and zero-rated supplies
- Erroneous input tax claims on imports for overseas related companies
- Incorrect GST treatment on media sales
- Poor record keeping and failure to account for GST on furniture leases
Source: vitallaw.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
