IRAS reviews GST-registered businesses to make sure returns are accurate, and good preparation reduces both the likelihood of an audit and its impact. The foundation is complete, well-organised records: tax invoices issued and received, import and export documentation, credit notes, and the working papers that tie your accounting system to each GST return. These must be kept for at least five years.
Before filing, reconcile your GST returns to your financial records – output tax to revenue, input tax to purchases – and investigate any differences. Areas IRAS commonly scrutinises include claiming blocked input tax (such as on private cars or medical expenses), under-declaring output tax on deemed supplies or fringe benefits, zero-rating exports without supporting evidence, and timing errors on when GST is accounted for.
IRAS also offers self-help tools. The Assisted Self-Help Kit (ASK) helps you review your GST processes, and larger businesses may consider the Assisted Compliance Assurance Programme (ACAP). Where you find errors, disclosing them under IRAS's Voluntary Disclosure Programme can significantly reduce penalties.
Apexia can perform a GST review, reconcile your returns, and help you respond to IRAS queries with confidence.