What Does GST Mean to Businesses in Singapore?
The Inland Revenue Authority of Singapore (IRAS) defines the Goods and Services Tax (GST) as a broad-based consumption tax levied on the import and supply of goods and services in Singapore. Also known in other countries as the Value-Added Tax (VAT). Put simply, GST...
What Happens When A Business is GST-registered?
GST-registered companies in Singapore must charge and collect GST on their goods at the prevailing rate (7% at the time of writing). This is referred to as output tax, and must be paid to IRAS. You’ll also be able to claim input tax on your business purchases and...