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Learn what GST is, how it works, and who needs to register for it in Singapore. Find out the categories and types of taxable and non-taxable goods and services, and how to charge and claim GST as a business.
Goods and Services Tax Act 1993. 2020 REVISED EDITION. This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021. An Act to provide for the imposition and collection of goods and services tax and for matters connected therewith.
Goods and Services Tax (GST) is a tax that is paid on goods or services consumed domestically, including imports. GST is a multi-stage tax that is collected at each stage of the production and distribution chain.
Goods and Services Tax (GST) in Singapore is a value added tax (VAT) of 9% levied on import of goods, as well as most supplies of goods and services. Exemptions are given for the sales and leases of residential properties, importation and local supply of investment precious metals and most financial services. [1]
Taxes. Goods & Services Tax (GST) Claiming GST (Input Tax) Importing of goods. Share: GST is imposed on most goods imported into Singapore, regardless whether the importer is GST-registered. However, there are specific reliefs, exemptions for certain goods or special schemes where the GST payable is suspended or deferred.
Dec 29, 2023 · Generally, purchases of goods and services from GST-registered businesses before 1 Jan 2024 will be subject to GST at 8%, and purchases on/after 1 Jan 2024 will be subject to GST at 9% . For transactions that span 1 Jan 2024, GST transitional rules may apply.
May 1, 2024 · Learn what GST is, how it works, and how it affects consumers and businesses in different countries. Find out the advantages and disadvantages of GST, and how it differs from other taxes such as VAT and PST.
