Should GST-registered businesses round values to the nearest dollar in the GST return?
No. GST-registered businesses should generally drop the cents instead of rounding values to the nearest dollar when reporting certain figures in the GST return.
Which GST return values require cents to be dropped?
Businesses should generally drop cents when reporting:
Standard-rated supplies
Zero-rated supplies
Exempt supplies
Taxable purchases
Goods imported under GST schemes such as the Major Exporter Scheme (“MES”)
How should amounts be reported in the GST return?
For example, if the value of standard-rated supplies is S$1,000.58, the amount should generally be reported as S$1,000 instead of S$1,001.
Why is this important for GST compliance?
Applying the correct reporting method helps ensure accurate GST reporting and compliance with IRAS filing requirements.
