IFRS Professional

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IFRS Professional

IAS 1 — Presentation of Financial Statements
IAS 2 — Inventories
IAS 7 — Statement of Cash Flows
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 — Events After the Reporting Period
IAS 11 — Construction Contracts
IAS 12 — Income Taxes
IAS 14 — Segment Reporting (Superseded)
IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn)
IAS 16 — Property, Plant and Equipment
IAS 17 — Leases
IAS 18 — Revenue
IAS 19 — Employee Benefits (2011)
IAS 19 — Employee Benefits (1998) (superseded)
IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 — The Effects of Changes in Foreign Exchange Rates
IAS 22 — Business Combinations (Superseded)
IAS 23 — Borrowing Costs
IAS 24 — Related Party Disclosures
IAS 26 — Accounting and Reporting by Retirement Benefit Plans
IAS 27 — Separate Financial Statements (2011)
IAS 27 — Consolidated and Separate Financial Statements (2008)
IAS 28 — Investments in Associates and Joint Ventures (2011)
IAS 28 — Investments in Associates (2003)
IAS 29 — Financial Reporting in Hyperinflationary Economies
IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions
IAS 31 — Interests In Joint Ventures
IAS 32 — Financial Instruments: Presentation
IAS 33 — Earnings Per Share
IAS 34 — Interim Financial Reporting
IAS 35 — Discontinuing Operations (Superseded)
IAS 36 — Impairment of Assets
IAS 37 — Provisions, Contingent Liabilities and Contingent Assets
IAS 38 — Intangible Assets
IAS 39 — Financial Instruments: Recognition and Measurement
IAS 40 — Investment Property
IAS 41 — Agriculture
IFRS 1 — First-time Adoption of International Financial Reporting Standards
IFRS 2 — Share-based Payment
IFRS 3 — Business Combinations
IFRS 4  — Insurance Contracts
IFRS 5  — Non-current Assets Held for Sale and Discontinued Operations
IFRS 6  — Exploration for and Evaluation of Mineral Resources
IFRS 7 — Financial Instruments: Disclosures
IFRS 8 — Operating Segments
IFRS 9 — Financial Instruments
IFRS 10 — Consolidated Financial Statements
IFRS 11 — Joint Arrangements
IFRS 12 — Disclosure of Interests in Other Entities
IFRS 13 — Fair Value Measurement
IFRS 14 — Regulatory Deferral Accounts
IFRS 15 — Revenue from Contracts with Customers
Issues in IFRS
Difference between IFRS and US GAAP

 

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GST Return Cycle

GST Return Cycle | GST

The GST return cycle has following steps

  • Step 1: The taxpayer will upload the final GSTR-1 (Outward supplies made by a taxpayer other than compounding taxpayer and ISD) return form either directly through data entry in the GST Common Portal or by uploading the file containing the said GSTR-1 return form through Apps by the 10th day succeeding the month.
  • Step 2: GST Common Portal (GSTN) will be auto-generated in the provisional GSTR-2 of a taxpayer.
  • Step 3: Purchasing taxpayer will have to either accept, reject or modify that provisional GSTR-2.
  • Step 4: Purchasing taxpayer shall be able to add additional purchase invoice details in his GSTR-2 which have not been uploaded by the supplier as mentioned in Step 1&2, to ensure the valid invoice issued by the supplier and receiving of supplies.
  • Step 5: Taxpayers will have the option to do reconciliation of inward supplies with suppliers during the next 7 days by following up with their counter-party taxpayers for any missing supply invoices in the GSTR-1 of the suppliers.
  • Step 6: Taxpayers will finalize their GSTR-1 and GSTR-2 return.
  • Step 7: Taxpayers will pay the amount as shown in the draft GSTR-3 (Monthly return other than compounding taxpayer and ISD) return generated automatically generated at the online Portal Post Finalization of activities mentioned above in Step 6.
  • Step 8: Taxpayer will debit the both ITC, cash ledger, and mention the debit entry number in the GSTR-3 return and would submit the same.

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Steps to file GST Return

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Steps to file GST Return | GST

Steps for Filing GST Return

  • Step 1: The taxpayer will upload the final GSTR-1 (Outward supplies made by a taxpayer other than compounding taxpayer and ISD) return form either directly through data entry in the GST Common Portal or by uploading the file containing the said GSTR-1 return form through Apps by the 10th day succeeding the month.
  • Step 2: GST Common Portal (GSTN) will be auto-generated in the provisional GSTR-2 of a taxpayer.
  • Step 3: Purchasing taxpayer will have to either accept, reject or modify that provisional GSTR-2.
  • Step 4: Purchasing taxpayer shall be able to add additional purchase invoice details in his GSTR-2 which have not been uploaded by the supplier as mentioned in Step 1&2, to ensure the valid invoice issued by the supplier and receiving of supplies.
  • Step 5: Taxpayers will have the option to do reconciliation of inward supplies with suppliers during the next 7 days by following up with their counter-party taxpayers for any missing supply invoices in the GSTR-1 of the suppliers.
  • Step 6: Taxpayers will finalize their GSTR-1 and GSTR-2 return.
  • Step 7: Taxpayers will pay the amount as shown in the draft GSTR-3 (Monthly return other than compounding taxpayer and ISD) return generated automatically generated at the online Portal Post Finalization of activities mentioned above in Step 6.
  • Step 8: Taxpayer will debit the both ITC, cash ledger, and mention the debit entry number in the GSTR-3 return and would submit the same.

Professionals, tax consultants, accountants can use the below links to be updated on Goods and Services Tax

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Australia GST

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Australia GST | GST

Australia GST is applicable in Australia.

Implementation of New Tax System package in Australia including New Tax System (Goods and Services Tax) Act, 1999 is considered as a landmark change to the Australian tax system. The new GST replaced the federal wholesale sales tax and some state and territory taxes with a single tax rate of 10% tax on supply of most goods and services with some exceptions.

  • The basic rule of GST in Australia is destination-based consumption tax with limited tax base exclusions.
  • Certain supplies such as certain food products, most medical and health services, drugs, medical aids and appliances, most education courses, child care, exports, religious services, international transport etc. are known as GST-free 12 on which GST not payable (other counties refer to these as zero-rated).
  • Certain supplies such as financial supplies, residential rent, residential premises, precious metals, school tuckshops and canteens and fund raising events conducted by charities etc. are known as input-taxed supplies 13 (other countries refer to these as exempt) and no GST is applicable on such supplies.

All Australian businesses whose turnover is above the minimum threshold (currently $75,000 per annum) are required to register for GST. Businesses whose turnover is below the threshold may register if they wish to.

A GST-registered business must charge its customers GST on taxable goods and services it provides, but is entitled to a credit for any GST it has paid for its expenditures on these goods and services as well as capital purchases (called input tax credits). A registered business must periodically lodge Business Activity Statements (monthly, quarterly or annually), and at the same time pay the net amount of GST owed to the tax office (if more GST is paid than collected, a refund is paid by the tax office instead).

Some goods and services (notably salaries, wages, fresh food, and real estate) are exempt from GST. Other goods and services (rental income and financial services) are “input-taxed”, which means that GST is not charged on the sale, but GST paid by that part of the business is not eligible to be claimed as an input tax credit.

Division 9 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GST Act) stipulates that GST is applicable to a supply of goods, services and transactions related to real property, obligations or rights. The supply must be for consideration (GST Act s9-15) to a relevant entity registered for GST (Div 23) in the course of enterprise (s9-20). This does not include employment or hobby income.

 

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Singapore GST

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Singapore GST | GST

Singapore GST is applicable in Singapore.

Goods and Services Tax in Singapore is a broad-based value added tax levied on import of goods, as well as nearly all supplies of goods and services. The only exemptions are for the sales and leases of residential properties and most financial services. Export of goods and international services are zero-rated.

Before 1986, Singapore’s corporate income tax rate and top marginal personal income tax rate both stood at 40%. Such high rates were deemed to be uncompetitive. On the recommendation of the 1986 Economic Committee, Singapore’s government decided that it needed to shift from direct to indirect taxes, to maintain its international competitiveness in attracting investments, and to sustain its economic growth to create well-paying jobs for Singaporeans.

The GST was part of a larger tax restructuring exercise to enable Singapore to shift its reliance from direct taxes to indirect taxes. The government argued that tax reform was necessary to maintain Singapore’s competitiveness, to sustain long-term growth and job creation. The government also argued that with an ageing population, Singapore’s income tax base was expected to decline. With a broad-based GST, the taxation burden would be more evenly spread among the population.

As a gesture of goodwill, and to assist lower-income groups, several supermarket chains absorbed the 2% increase in GST, ranging for a period of one month to six months. They included Cold Storage, Giant Hypermarket, NTUC FairPrice and Sheng Siong. Besides FairPrice, NTUC also absorbed the 2% increase on NTUC Foodfare, NTUC Childcare, NTUC LearningHub, NTUC Club and NTUC Healthcare, for six months.

Committee Against GST Profiteering (CAP)

The Committee Against GST Profiteering (CAP) was set up in 1994 to investigate complaints and feedback on profiteering or unjustified price increases using GST increases as an excuse.

 

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Canada GST

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Canada GST | GST

Canada GST is applicable in Canada.

Canada has a federal government (like in India) and a federal GST was introduced in 1991 replacing the existing federal sales tax imposed on manufacturers and certain licensed wholesalers at a general rate of 13.5%. However, all provinces continued with the provincial retail sales tax (‘PST’) thereby having two levels of levy. The harmonized sales tax (HST) is imposed in provinces that have harmonized their provincial sales tax with the GST (New Brunswick, Nova Scotia, Newfoundland and Labrador, Ontario, Prince Edward Island) and is a combination of a federal component and a provincial component (i.e., 5 percent to 8 percent) applicable generally on same base of property and services as the GST. In the remaining provinces, GST is imposed on taxable goods and services along with provincial sales tax or a retail sales tax. The three territorities (Northwest Territorities, Nunavut and Yukon and Province of Alberta charge GST at the rate of 5%.

Most goods and services supplied in or imported into Canada are taxable supplies and are subject to GST at the rate of 5% or HST in the range of 13% to 15% (federal component of 5% and provincial component of 8 to 10%) with certain exceptions based on policy decisions such as:

  • Exports and supplies of goods and services relating to basic needs of individuals such as drugs and biologicals, medical and assistive devices, basic groceries, agriculture and fishing, transportation and travel etc. are taxed at the rate of 0% (zero-rated) 6 .
  • Supplies of goods and services supporting public needs such as certain real property, healthcare, educational, child and personal care, legal aid, public sector bodies, financial services, ferry/road/bridge tolls etc. are exempted from GST/HST

The three territories of Canada (Yukon, Northwest Territories and Nunavut) do not have territorial sales taxes. The government of Quebec administers both the federal GST and the provincial Quebec Sales Tax (QST). It is the only province to administer the federal tax.

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GST Internationally

GST Internationally | GST

GST internationally is applied in various countries.

The spread of Value Added Tax (VAT) or Goods and Services Tax (GST) system of Indirect taxes across the globe is showing an increasing trend with more than 160 countries, including 33 of the 34 member countries of Organization for Economic Co-operation and Development (OECD), employing VAT as the preferred form of consumption tax 1. Malaysia is the recent country to implement GST effective 1 April 2015 and Indian government has announced a timeline to introduce GST in India by July 2017.

Countries introduced VAT/GST for different reasons depending on their existing tax system and in case of European Union (EU) to replace turnover taxes on account of the ease of handling cross border-transactions, facilitating development of common market and reducing trade and economic distortions. Another reason of countries adopting VAT/GST was to increase revenue from general consumption to cut down rate of income taxes. Revenue neutral approach was another reason (Norway, New Zealand etc.). Other counties moved to VAT/GST to consolidate and modernize existing tax structure comprising of multiple sales tax at different rates.

 

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GST Tutorial | IGST Transitional Provisions

IGST Transitional Provisions | GST

IGST Transitional Provisions are, as

Section 21.  Import of services or inter-State supply of goods and/or services made on or after the appointed day

Notwithstanding anything contained in section 12 and 13 of the CGST Act, 2016 import of services or inter-State supply of goods and/or services made after the appointed day shall be liable to tax under the provisions of this Act regardless of whether the transactions for such import of services or inter-state supply had been initiated  before the appointed day:

PROVIDED that if the tax on such import or inter-State supply had been paid in full under the earlier law, no tax shall be payable on such import or inter-state supply under this Act:

PROVIDED FURTHER that if the tax on such import of services had been paid in part under the earlier law, balance amount of tax shall be payable on such import or inter-state supply under this Act.

Explanation: For the purpose of this section, a transaction shall be deemed to have been initiated before the appointed day if either the invoice relating to such supply or payment, either in full or in part, has been received or made before the appointed day.

 

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