Goods and Service Tax in Singapore

GST refers to the tax excluded in price imposed on taxable goods and services provided in Singapore, as well as on imported goods into Singapore. Certain specific items are exempt from GST, including financial service, the sale or lease of residential properties, and the sale of investment precious metals.

GST Compulsory Registration

Under the retrospective view, when the total sales revenue of taxable goods and services in Singapore exceeds S$1 million by the end of the calendar year.

Under the prospective view, when the total sales revenue of taxable goods and services in Singapore is expected to exceed S$1 million in the next 12 months.

GST Voluntary Registration

As long as satisfying any of the following, an enterprise may apply for GST voluntary registration, even if it is not compulsory for the enterprise to register for GST:

• The enterprise makes taxable supplies;
• The enterprise only makes out-of-scope supplies;
• The enterprise provides international financial service; or
• The enterprise procures services from overseas service providers; or the enterprise imports low-value goods and would not be entitled to full input tax credit even if were GST-registered.

Exemption from GST Registration

An enterprise meets both the conditions below may apply for exemption from registration:

• The proportion of zero-rated supplies over total taxable supplies of the enterprise exceeds 90%; and
• The enterprise would be in a net refundable position had it been GST-registered.

Starting Time of GST Liability

A supply is treated as taking place (and GST will be accounted for) at the earlier of when:

• An tax invoice or receipt is issued; or
• Payment is received

GST Taxable Basis

• Domestic Supplies: either the sales amount or the tax-exclusive open market value (OMV)
• Imported Goods: Value of imported goods (= CIF value of the goods + customs duties)

Tax Rates

• The current GST standard rate is 9%
• The GST rate for exported goods and international service supplies is 0%

Note: The GST rate increased from 7% to 8% with effect from 1 January 2023, . Starting from 1 January 2024, the rate increased from 8% to 9%.

GST Payable Amount

• GST payable amount = Current output tax amount - Current input tax amount
• If current output tax amount - current input tax amount > 0, the enterprise is required to pay GST to the IRAS.
• If current output tax amount - current input tax amount < 0, the IRAS will return the remaining to the enterprise.

GST Filing Period

GST is filed on a quarterly basis. Enterprises should complete the filing within 1 month after the end of each quarter.

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