Singapore's Goods and Services Tax
GST is now an indirect tax that is added to the sales value of goods and services delivered by Singaporean business organizations that have registered for GST. The present GST rate is 7%. Several other nations refer to VAT as Value Added Tax (VAT), sometimes referred to as Goods and Services Tax (GST). In Singapore, companies just serve as collecting agents for the tax department, in contrast to those other nations where the government should be responsible for tax collection. What does GST entail for a Singaporean business? Singapore-based corporations do not immediately become registered to collect GST. Before a business can impose and collect GST, there are a few requirements that must be satisfied. If your business is GST-registered, you are required to charge GST to your clients and submit the money you have received in tax to the appropriate authorities. Before a business can charge and gather GST, it should submit an application to register as a GST-registered busine...