GST Mechanism & Treatment For Manufacturing Industry

GST – a multi stage consumption tax to be levied on goods and services at all levels of business transactions. It will replace the current Sales Tax and Government Service Tax schedule to take place with effect from April 2015, with the bill schedule to go to Parliament in the next sitting to become law.

The impact can be extensive to businesses and the solution is that we must be better prepare for its implementation and requirements. Taxable person is expected to start to file in their registration by the middle of this year.
Course Objectives
  • Help to understand the basic mechanisms of GST
  • Better prepared for the implementation to minimized the risk
  • Appreciate the concept on how GST will be implemented
  • Understand the various schemes available for GST
Course Duration
2 Days
Learning Benefits
ENHANCING your skill and readiness for the implementation with effect from April 2015.

INCREASE your understanding in the concept of and the mechanism of implementation of GST.

MASTER and APPRECIATE the transition period management from now till implementation date.

STRENGTHEN your knowledge on the positive and negative effect on the market prices after GST’s implementation.

TIPPING POINT and SYMBIOSIS APPROACH of working with all stakeholders in the management of the GST implementation.

LEARN the End In Mind First philosophy to improve and integrate the Thinking into Management and Actions.
Who should attend
  • Directors, CEO, COO, General Managers, Managers and Executives
  • CFO, Treasurers, Financial Controllers, Accountants
  • Planners and Lecturers
  • Entrepreneurs
  • Those aspire to be aware of GST mechanism and its effect on the prices after implementation.
Course Leader
Course Modules
Module 1. Fundamental and Scope of GST
  • Mechanism and imposition of GST.
  • Elimination of Sales Tax Act 1972 and Service Tax 1975.
  • GST Input and Output Tax
  • Taxable person and threshold determinations
Module 2. Registration
  • Mandatory and Voluntarily registration
  • Timing of Registrations
  • Transfer of Going Concerns Registration
  • Registration for:
  • Individuals, Sole proprietors, and Limited Liability Companies
    Group, partnership, branches & divisions and joint ventures.
  • Single Taxable person registration for two or more business entities
  • Pre-operating period and new project start up registration
  • Registration Cancellation
  • Responsibilities of a Registered Person.
Module 3. Supplies and Account for Output Tax
  • Type of supply, Rates: (standard & zero rated supplies, exempt and out of scope supplies, disregarded supplies, supplies where GST is suspended, flat rated)
  • Deemed Supplies and Gift Rules
  • Employees Benefits
  • Place, Time, Value of supply
  • Basic Tax Point, Actual Tax Point and the 21 days invoicing rule.
  • Supply for goods on consignment and awaiting for approval for sales
  • Different Considerations of Supplies
  • Bad Debt Relief
Module 4. Input Tax Credit Claims
  • Allowable input tax to claim – Attribute and Apportionment concept
  • Residual input tax.
  • Blocked input tax
  • The Di Minimis Rule for Residual Input Tax Credit claims.
  • Input Tax for Incidental Exempt Supplies
  • Refund and repayments
  • Claims in pre, post, late and de-registration and pre-incorporation stages
  • Input tax on special transactions
Module 5. Transition rules
  • Effect of Sales Tax and Service Tax after repeal.
  • Special Refund
  • Effect of long term non-reviewable contracts
  • Registration before implementation date
  • Supplies span before and after GST implementation
  • Progressive, Periodic supplies and Supplies for Life Time
  • Other supplies – hire purchase, leasing, machine operated collections
Module 6. GST – for Manufacturing
  • Fundamentals
  • Output and Input Tax
  • Import and Exports
  • Fixed Assets under HP and Leasing
  • LMW and FIZ status company
  • Approved Traders Scheme
  • Approved Toll Manufacturing Schemes
  • Warehousing Scheme
  • Farming in and Farming out
  • GST on Designated Areas and FCZs
  • GST on logistic matters
  • GST treatment on goods loss and waste
  • Taxable and Exempt supplies on staff / employee matters
  • Sales promotional matters with retailers on vouchers, points, product listing, sponsorships, etc.
  • Warranties
Module 7. Accounting
  • Tax Invoices
  • Content of a full tax invoices
  • Accounting treatment of deem supplies
  • Debit and credit notes
  • Record Keeping – Electronic, Manual and From Manual to Electronic AND Taxable period
  • Self-Recipient Accounting (SRA) – imported services, toll manufacturer drop shipment customers,
  • GST returns and Tax payment – monthly, quarterly.
  • Foreign currencies conversion
  • Accrual/Invoicing Vs. Cash/Payment concept of Accounting for GST
  • Bad Debt Treatment
  • Financial Year / Tax year
  • Accounting Soft ware requirements
  • Recommended Tax codes for input and output tax
  • GST Audit file
Module 8. Annual, Longer Period and other Adjustments of Input Tax (for mixed supplies supplies manufacturer)

Module 9. Enforcements
  • Offence and penalties
  • Power to assess
  • Customs Audit
  • Anti Avoidance Rule
  • Tribunal and Court proceedings
Module 10. Moving Forward – What should you DO from now

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