1. The GST treatment for the logistics and forwarding industry are a little more complicated owing to the nature of the industry. Generally, the industry provides three main type of services – transportation, handling and storage. In Singapore, this three type of services are mainly provided to customers within or outside of Singapore and within… Continue reading GST Guide for Logistics and Forwarding Industry
1. The GST treatment for the retail industry are straight forward, i.e. to standard rate for local supply of goods and services. Other additional requirements specific to retailers include such as price displays, invoicing, returned goods, refunds, free gifts, vouchers that are sold for consideration or given away free, discounts and redemptions. 2.… Continue reading GST Guide for Retail Industry
1. The GST treatment for the travel industry are separated into two categories, i.e. supply of travel products and travel arranging services. 2. The supply of travel products are goods or services supplied to travellers in relation to their travel to and/or stay at a destination. Examples include flights, hotels, tours, land transfers… Continue reading GST Guide for Travel Industry
1. If you are in the construction business and are GST-registered, you need to charge GST to your customers for the supply of construction services in Singapore. If the construction services are supplied overseas, it will qualify as international services under Section 21(3) of the GST Act. Thus, you can charge GST zero percent to… Continue reading GST Guide for Construction Services
1. A GST-registered person is required to charge and account for 9% GST for the supplies of goods and services made in Singapore. The GST that is charged and collected is known as GST Output Tax and it must be paid to IRAS within a month from the end of the accounting period. … Continue reading GST Guide for e-Commerce – Physical Goods Supplied Over the Internet
1. A GST-registered person is required to charge and account for 9% GST for the supplies of goods and services made in Singapore. The GST that is charged and collected is known as GST Output Tax and it must be paid to IRAS within a month from the end of the accounting period. … Continue reading GST Gross Margin Scheme for Second-Hand Goods
1. GST-registered businesses are required to file their GST returns and make GST payments to IRAS by the due date. Your GST Returns filing and GST payments due date is dependent on your company’s financial year end date. 2. For example, if your company’s financial year end date is 31 December, the following applies:… Continue reading Filing GST Returns to IRAS
1. According to IRAS, a business must register for GST if their taxable turnover is more than $1 million at the end of the calendar year (retrospective view) or expected to be more than $1 million in the next 12 months (prospective view). 2. Under retrospective view, if your business taxable turnover at the end… Continue reading Register for GST
1. In Singapore, GST is levied on the import of goods as well as nearly all supplies of goods and services in Singapore at the prevailing GST rate. At present, the prevailing GST rate is 9%. 2. Under Singapore GST, there are also GST exemptions that apply to areas such as the provision of most… Continue reading GST on Exports of Goods
1. All GST-registered businesses are required to show GST-inclusive prices on all price displays to the public. If both GST-inclusive and GST-exclusive prices are displayed, the GST-inclusive price must be displayed at least as prominently as the GST-exclusive price. 2. This can be displayed on price tags, price lists, advertisements, publicity brochures, website, etc. Prices… Continue reading GST-registered businesses must display GST-inclusive prices
