Learning the basics

 

  • Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.

    GST exemptions apply to the provision of most financial services, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated.

  • A GST-registered business’ responsibilities include charging and accounting for GST, filing GST returns on time, keeping proper records and displaying prices inclusive of GST.

  • Calculator false

  • Calculator false