With effect from 1.1.2018, incorrect return will attract 100% penalty on tax undercharged under s 113(2) of Income Tax Act 1967. There are 2 Public Rulings (PR 1/2017 & PR 2/2017) issued by IRB on 8.6.2016 to govern deduction of GST as business expense or capital allowances. The pre-requisite however must be RMC approved on non-availability of credit under GST Act 2014. Therefore, it is important to understand in totality of these 2 Public Rulings for GST integration with income tax.
By attending this seminar, participants would able to completely comprehend these PR with confidence to solve contentious GST issues!