Goods and Services Tax Singapore

CITY HALL, Singapore - Oct. 17, 2022 - PRLog -- A goods & services tax (GST) was introduced in Singapore on 1 April 1994. GST is a type of tax for registered businesses in Singapore. It is similar to the Value Added Tax (VAT) in many countries. GST is a broad-based consumption tax levied on the import of goods. There are 4 types of GST in Singapore, and here are all of them.

Standard-rated Supplies

Zero-rated Supplies

Exempt Supplies

Out-of-scope Supplies

Taxable and Non-Taxable Goods and Services

There are many goods & services which are taxable under the GST. Also, there are many goods & services which are not taxable. If you are looking for the best GST services in Singapore. Then, you can call us at +65-8613-1335 to get GST services at an affordable price.

Here is the list of taxable & non-taxable Goods & Services

Taxable Supplies

Goods: Most of the local sales fall under this category. Like the sale of a TV set or the sale of any electronic item or the sale of imported low-value goods.

Services: Local provision of services will fall under this category. Like the provision of spa services in Singapore. Or visit our website: https://www.acraapluscpa.com/goods-and-services-tax to know more.

Non-Taxable Supplies

Goods: The GST tax will not be implemented on the Sale and rental of unfurnished residential property in Singapore. And the importation & local supply of investment precious metals. There are non-taxable supplies & they will not come under the GST category.

Services: Financial services in Singapore are also non-taxable supplies. Some financial services are non-taxable supplies & don't come under the GST values. Like the issue of debt security, the exchange of bitcoin for fiat currency.

Businesses That Require GST Registration

If you are a business & your taxable turnover exceeds 1 million dollars. Then, you must go for the GST registration. Some businesses are also liable for GST registration under the Reverse Charge and Overseas Vendor Registration regimes.