What is GST

The Goods and Services Tax or GST is a broad-based consumption tax that is levied on imported goods (collected by Singapore Customs) and on almost all supplies of goods and services in Singapore. In other countries, GST is known as Value Added Tax or VAT.

GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and rental of residential property, and the import and local supply of investment precious metals. The rate of tax on exported goods and international services is zero.

Businesses required to register for GST

As a business, you must register for GST when your taxable turnover exceeds $1 million.

If the taxable turnover of a business does not exceed $1 million, it can still choose to voluntarily register for GST after careful consideration.