GST

Extended grace period for GST registration under prospective basis: What you need to know


Businesses registering for GST under the prospective view are given a two-month grace period to begin charging GST if the date of forecast is on or after 1 Jul 2025. This is an extension from the previous one-month period.

GST-registered suppliers of pre-packaged beverages, get ready your invoicing system for the Beverage Container Return Scheme


Suppliers of pre-packaged beverages must collect a 10-cent refundable deposit on each regulated beverage sold under the Beverage Container Return Scheme  (BCRS). Although the deposit is not subject to GST, learn more about the invoicing requirements should suppliers choose to include the deposit in their tax invoice or GST receipt.

GST-registered businesses can get a head start in adopting InvoiceNow

InvoiceNow can boost businesses’ efficiency and minimise GST compliance efforts. Tune in to The Business Times’ podcast to hear from a panel comprising representatives from the Infocomm Media Development Authority (IMDA), IRAS and retailer Courts Singapore which successfully implemented InvoiceNow.

Prepare early and adopt the GST InvoiceNow Requirement from 1 May 2025 

All GST-registered businesses are encouraged to onboard InvoiceNow for easy and seamless transmission of invoice data to IRAS. The transmission of invoice data to IRAS via InvoiceNow-Ready Solutions will be soft-launched from 1 May 2025. Learn how businesses can sign up for InvoiceNow as early adopters.

$162 million recovered in GST audits in FY2023/2024

In FY2023/2024, 2,521 GST audits were completed across various industries, resulting in a recovery of $162 million, including penalties.

Learn about some of the non-compliance detected from recent GST audits by IRAS. You can also watch YouTube videos on the common output tax and input tax errors made by businesses and learn how you can avoid them!

 

GST-registered suppliers, take note of updated documentary requirements to zero-rate the exports of goods from 8 Jul 2024

Are you a GST-registered supplier exporting goods to overseas customers via postal or courier companies? From 8 Jul 2024, updated documentary requirements apply to zero-rate the supply.

 

GST InvoiceNow Requirement

In Apr 2024, IRAS announced the requirement for new voluntary GST-registered businesses to transmit invoice data to IRAS using InvoiceNow solutions via the InvoiceNow network (“GST InvoiceNow Requirement”). There are plans to progressively implement this requirement to all GST-registered businesses. Learn more here.

High Court and GST Board of Review dismiss two businesses’ appeals to overturn the Comptroller’s decision to deny their input tax claims

Two businesses failed in their appeals to the High Court and GST Board of Review against the Comptroller’s decision to deny their input tax claims, amounting to $1.4 million. Read the details of the cases, and find out how you can avoid being implicated in the Missing Trader Fraud here.

Buying or selling gold jewellery? The changes to the GST administrative concession for trade-in of gold jewellery will take effect from 1 Jan 2025

From 1 Jan 2025, the administrative concession for trade-in of gold jewellery applies only when the customer is not registered for GST at the time of supply. Learn more here.

Need to correct errors in past GST F5 submissions?

Made a mistake in your GST F5 return? Since 1 Jan 2024, the administrative concession threshold to adjust for errors in your next GST F5 return has been raised from $1,500 to $3,000. Learn if you are eligible

E-learning Video on GST rules for Social Service Agencies (SSAs) And Charities

 Social Service Agencies (SSAs) and Charities, do you know when to charge GST on funds received by your organisations and how this may affect input tax claims? Watch this e-learning video to understand GST rules and avoid common mistakes.

What consumers need to know with the new GST rate from 1 Jan 2024

GST will be increased from 8% to 9% from 1 Jan 2024. How will it impact you as a consumer?

Read on to find out what you need to know with the new GST rate.

Getting your business ready for the second GST rate change

From 1 Jan 2024, GST will increase from 8% to 9%. Are you ready for the second GST rate change? If you are a GST-registered business, read on to find out how to get your business ready.

Learn about GST treatment of travel arranging services with effect from 1 Jan 2023

Do you charge a fee for facilitating the booking of travel products? Learn about the GST treatment of travel arranging services for international transportation, accommodation and tour packages.

Beware of GST Missing Trader Fraud involving precious metals

If you are a jeweller, bullion trader or gold refiner, watch out for the GST Missing Trader Fraud involving precious metals. Learn how the GST fraud works and how to protect your business from being involved.

Sold or disposed of your business asset? Or gave away your business asset for free? Account for GST even when you did not receive any money for it.

Businesses that sell, transfer or dispose of assets may need to account for GST.

To learn more, click here.

Giving away goods for free? GST may be accountable even when it is for your business purpose

Businesses that give away goods for free may need to account for GST even when it is for business purposes.

To learn more, click here.