Did-you-know Series

In this series, our GST expert will delve into the most pressing questions and critical topics surrounding Goods and Services Tax (GST). We recognise that navigating the intricacies of taxation can be challenging for businesses, which is why we’re committed to delivering actionable insights, strategic advice, and expert guidance to help you manage GST with precision and confidence.

Whether you’re a business leader seeking to optimise tax compliance, a finance professional aiming to stay ahead of regulatory changes, or a decision-maker looking to enhance your company’s tax strategy, this series is designed for you. Our content is not only informative but also tailored to meet the needs of corporate professionals, breaking down complex regulations into clear, actionable steps.

Join us as we explore everything from GST compliance and reporting requirements to the implications of different GST schemes. With our expert insights, your organisation will be better equipped to navigate the complexities of GST, ensuring compliance while maximising efficiency and value.

Did you know you can claim a GST refund from IRAS even without collecting GST on sales?

When goods are exported at 0% GST, input tax on local purchases can still be reclaimed. Exported goods are taxable supplies, allowing input tax recovery! 💡

Did you know you can register for GST and enhance your business, even if your turnover is below S$1 million? 💡

Learn about voluntary GST registration to reclaim GST on purchases and expenses.

Did you know you can be exempted from GST registration even with a turnover over $1 million? 🤯

Learn about exemptions for companies with zero-rated revenue, like exports or international services. Discover how avoiding registration can save on compliance costs, especially if input tax credits are minimal. 💼

Unlock GST insights with Jed Tax Consulting! 🌟 Did you know GST on employee medical checkups isn’t always claimable?

Discover that while annual checkups aren’t claimable, pre-employment exams are.

Did you know trade-in transactions aren’t treated as a single supply for GST? 🤔

Learn that GST applies to both the used item and the new item in trade-in deals if both parties are GST-registered.

Did you know not all services to overseas customers can be zero-rated?

Only services defined as international under section 21(3) of the GST Act qualify for 0% GST. For example, repair services in Singapore billed to overseas clients must include GST. 📊

Did you know deposits and downpayments can attract GST?

Remember, GST must be charged on deposits/downpayments unless they’re refundable security deposits. 📊

Did you know employee-incurred expenses may not qualify for GST claims? 🤔

Ensure invoices are addressed to your company and prove employees act as agents to claim GST. Remember, separate business from private expenses.

Did you know overseas suppliers might need to register for GST in Singapore?

If your global turnover exceeds S$1 million and you supply remote services or low-value goods over S$100,000 to non-GST registered customers in Singapore, you must register for GST.

Did you know you can claim GST incurred before registration? 🤔

For example, Company A in the property leasing business can claim GST on renovation expenses incurred within six months before their registration date (also known as pre-registration GST claims).

Stay compliant with Jed Tax Consulting! 🌟 Did you know you must file a GST return even with no business activity?

Always file a ‘Nil’ GST return by the due date to avoid penalties. 📊

Did you know GST is chargeable when transferring a business? 🤔

GST must be accounted for on transferred business assets unless the transfer qualifies as a going concern.

Did you know interest received must be reported in your GST return? 💡

Interest from local banks/companies is an exempt supply, while interest from overseas banks/companies is zero-rated.

Did you know settling dues with your supplier within a year is crucial? 🤔

If you haven’t paid your supplier within 12 months after claiming input tax, you must repay it to the Comptroller of GST.

Did you know you can charge GST on just 50% of the selling price for certain sales?

Under the Discounted Sale Price Scheme, you can apply GST to only 50% of the selling price for used motor vehicles.

Did you know that a valid tax invoice isn’t always required? 🧾

Generally, a tax invoice must be issued within 30 days for GST-registered customers. However, for zero-rated, exempt, deemed supplies, or sales to non-GST registered customers, it’s not required. If the invoice amount (including GST) is under S$1,000, a simplified tax invoice is sufficient.

Did you know price displays must include GST to show consumers the final price? 🌟

GST-registered businesses must display GST-inclusive prices on all price tags, lists, ads, and websites. If both prices are shown, the GST-inclusive price must be as prominent. Hotels and food & beverage establishments with service charges can display a statement about additional GST and service charges instead. Is your price display correct? Check today! 😊

Did you know that distributing free samples may be costing you more than expected?

Have you been accounting for the deemed output GST on free samples? Deemed GST does not apply if samples differ from regular products and are labeled “Not for Sale” or “Sample only.” If not, deemed GST may be applicable. Review your sample strategy and optimize your GST savings!

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GST Expert Eddie Soh

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