How many GST audits did IRAS conduct in its last financial year?
IRAS conducted 2,224 GST audit cases in its last financial year.
Why are GST audits important for businesses?
GST audits often result in the highest amount of tax and penalty recovery per audit case compared to individual income tax and corporate income tax audits.
What does this mean for GST-registered businesses?
The high level of tax and penalty recovery from GST audits highlights the importance of maintaining proper GST compliance, documentation and reporting processes.
