The Goods and Services Tax (GST) in Singapore is a value-added tax levied on the goods and services sold. The GST is currently set at 7%. Singapore’s businesses must register for GST if their annual taxable turnover is more than S$1 million. Once registered, companies must charge GST on their taxable supplies of goods and services. They can then claim back the GST paid on their business input purchases.
As a business owner, you know that time is money. So when it comes to logistics, you want a company that can get the job done quickly and efficiently. Many one-stop logistics hubs are licensed as zero GST warehouse schemes in Singapore. They also offer a full range of logistics services, from warehousing to transportation to e-commerce fulfillment. They are dedicated to providing our clients with the best possible service at competitive prices.
Here Are The Different Type Of Integrated Goods And Service Tax:
- State Goods and Services Tax
A State Goods and Services Tax (SGST) is a consumption tax levied by the government on the sale of goods and services within a state. The revenue collected from the SGST is used to finance the state’s expenditures.
The state government collects the SGST from the businesses registered for the tax. Companies are required to collect the tax from the consumers and remit the tax to the state government. The SGST is a tax levied on the final consumption of goods and services. It is not a tax on producing or selling goods and services.
- Integrated Goods and Services Tax
An integrated Goods and Services Tax (IGST) is a tax levied on the supply of goods and services when these goods and services are supplied from one state to another or imported into India. The main objective of introducing an IGST is to eliminate the cascading of taxes on the interstate supply of goods and services.
- Central Goods and Services Tax
In Singapore, the Central Goods and Services Tax (CGST) is a tax levied on the supply of goods and services. The tax is set on the value of the goods and services supplied and is collected by the businesses that provide them. Companies must comply with the requirements of the GST Act and regulations and charge GST on their taxable supplies of goods and services.
Businesses can claim GST refunds on the GST they have paid on their purchases of goods and services used for their business. They can also claim GST credits for the GST spent on purchases of goods and services used for their business.
To Sum It Up
The GST is payable by consumers but is also imposed on businesses as a production tax. Companies can recover the GST they pay on purchases, making the tax effectively a tax on final consumption.