The current government has expressed its intention abolish Goods and Services Tax which was implemented effective 1st April 2015. The implementation of SST has been announced as 1st September 2018 and the government it seems is committed to do so
1. What is SST?
- Introduction to SST
- Distinction to between GST and SST
- What is Sales Tax
- What is services Tax
2. Coverage and Licensing for SST
- Export and Import and how will they affected
- What is manufacturing?
- Types of services that will be subject to SST
- Treatment of transactions in ‘special ‘ areas
- Registration threshold for suppliers in different industries
3. Taxable items and rates
- SST rates on taxable transactions
- Product classification under the HS codes and ‘Risks’
- Exempt supplies
- Exemption benefits and facilities under SST legislation
4. SST Accounting
- Invoicing, Credit Notes and Debit Notes
- Recommended classifications
- Record Keeping
- Taxable period and Payment of Tax
- Penalties for late payment and late submission
- Transition to SST
- Transiting from 6% to 0%
- Input Tax Credit that span from 6% to 0%
- GST audits