Singapore GST Services: General Information on GST

SingaporeGST Services:General Informationon GST Goods and Services Tax (GST) is applied almost similarly to Value Added Tax (VAT) in most countries. It was implemented on April 1, 1994 in Singapore and was used as a guide on the UK VAT legislation and New... More

SingaporeGST Services:General Informationon GST Goods and Services Tax (GST) is applied almost similarly to Value Added Tax (VAT) in most countries. It was implemented on April 1, 1994 in Singapore and was used as a guide on the UK VAT legislation and New Zealand legislation. Goods and Services Tax is administered, reviewed, implemented and collected by the Inland Revenue Authority of Singapore (IRAS). GST is an indirect tax on the supply of goods and services made in Singapore and on the importation of goods into Singapore with its current rate at 7%. GST is applied on all goods and services except for financial services and the sale or lease of residential properties. Just like business registration and incorporation, there is also a need to register your business for GST and this is the reason why there are different Singapore GST services available in the country. Here are some of the basic information you need to know about Goods and Services Tax: • A business is required to Less