Goods and Services Tax Singapore
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.
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.
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.
Reference By: https://bit.ly/3VA7b2K
Comments
Post a Comment